SIMPLE 401(k)s are employer sponsored retirement plans available to small businesses with 100 or fewer employees. As the name implies, it is a hybrid plan that shares ease of management, low cost, and lack of discrimination testing requirements like SIMPLE IRAs with the availability of a loan feature found in a 401(k).
Key Benefits:
- Both employer and employee can contribute
- Employer must make either a 2% non-elective or a 3% matching contribution
- Employees are always 100% vested
- Penalty free distributions after 59 ½
- Required minimum distributions begin by 70 ½
Ready to learn more?
Call 864-288-2849 or submit a contact form to learn more and get started.