Transcription of FOR SMALL BUSINESSES - DOL
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FOR SMALL BUSINESSES - DOL
simple IRA PLANS FOR SMALL BUSINESSES simple IRA Plans for SMALL BUSINESSES is a joint project of the Department of Labor s Employee Benefits Security Administration (EBSA) and the Internal Revenue view this and other EBSA publications, visit the agency s website. To order publications or speak with a benefits advisor, contact EBSA call toll free: 866 444 3272 This material will be made available in alternative format to persons with disabilities upon request: Voice phone: (202) 693 8664 TTY: (202) 501 3911 This publication constitutes a SMALL en ti ty compliance guide for pur pos es of the SMALL Business Regulatory Enforcement Fairness Act of IRA PLANS FOR SMALL BUSINESSES1 Thinking about a retirement plan? If it seems like the right thing for your business, here s a simple one. A simple (Savings Incentive Match Plan for Employees of SMALL Employers) IRA plan offers great advantages for BUSINESSES that meet two basic criteria.
SIMPLE IRA plans operate on a calendar-year basis. An employer may initially set up a SIMPLE IRA plan as late as October 1. You must set up a SIMPLE IRA for each employee with contributions under the plan. Employees must receive notice of their right to participate, to make salary reduction contributions, and to receive employer contributions.
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