Simple IRA

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Simple IRA – An Efficient and Affordable Employee Retirement Benefit

Empower Your Employees’ Financial Futures with a Simple and Streamlined Retirement Savings Option

At Gerald Ross Agency, we understand the importance of providing a comprehensive employee benefits package that supports your employees’ long-term financial well-being. One valuable retirement savings option to consider is a Simple IRA (Savings Incentive Match Plan for Employees). A Simple IRA offers an efficient and affordable way to help your employees save for retirement while providing tax advantages for both employees and employers.

Why Choose a Simple IRA for Your Employee Benefits Package?

  1. Easy Administration: Simple IRA plans are designed to be straightforward and easy to administer, making them an appealing choice for small businesses. With minimal paperwork and reporting requirements, employers can focus on running their businesses while still offering a valuable retirement savings option for their employees.
  2. Affordable for Employers: Simple IRAs are cost-effective retirement plans for employers. There are no administrative fees or start-up costs, and employers are only required to make contributions on behalf of their employees, either through a matching or non-elective contribution.
  3. Tax Advantages: Both employees and employers enjoy tax advantages with a Simple IRA. Employee contributions are made on a pre-tax basis, reducing their taxable income and providing immediate tax savings. Employer contributions are tax-deductible, providing an additional financial incentive for businesses.
  4. Employee Engagement: Offering a Simple IRA as part of your employee benefits package demonstrates your commitment to your employees’ financial well-being. This can lead to increased employee satisfaction, loyalty, and productivity, benefiting your business in the long run.

Simple IRA Contribution Options:

Employers have two options when it comes to making contributions to their employees’ Simple IRA accounts:

  1. Matching Contributions: With this option, employers match employee contributions dollar-for-dollar, up to a certain percentage of the employee’s salary (usually 3%). Employers can choose to match at a lower rate if they wish, but the rate must be at least 1% and cannot be reduced below 3% for more than two out of five years.
  2. Non-Elective Contributions: Alternatively, employers can choose to make non-elective contributions equal to 2% of each eligible employee’s salary, regardless of whether the employee contributes to their Simple IRA. This option provides a guaranteed benefit to all eligible employees, even those who do not contribute to their accounts.

Our experienced team at Gerald Ross Agency is here to help you navigate the process of setting up and administering a Simple IRA plan for your business. We’ll guide you through the necessary steps, answer your questions, and ensure that you have the information you need to make informed decisions about your employee benefits package.


A Simple IRA is an efficient and affordable retirement savings option that can enhance your employee benefits package and support your employees’ financial futures. At Gerald Ross Agency, we are committed to helping businesses find the right solutions to meet their unique needs. Contact us today to discuss how a Simple IRA can benefit your organization and your employees.

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