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Form 5305-SIMPLE Irvine California: What You Should Know

The firm's assets are small. If the firm is a family business or a small firm, your business' assets could be valued at up to 100,000, depending on the firm's asset size, assets under management, and type of business. 2. The IRA plan's requirements are minimal. The firm must be a private employer or a partnership and have assets of at least 50,000. It is not necessary that the firm have a paid-up investment plan (FIP) or an EIP. What is “SIMPLE” and “SIMPLE IRA”? “SIMPLE” stands for Simplified Employee Pension  As a business owner, you and your employees have benefited from SIMPLE plans and may find your accounts improved by having a SIMPLE IRA on your payroll. The SIMPLE IRA is a tax-advantaged plan and offers the following advantages: 1. A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) Plan provides a tax-free way for you to provide to your employees some additional money. Many of your employees have a hard time finding job security, which is the key to keeping your jobs.  A SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) Roth IRA plan is an affordable way for you and your employees to provide for the basic needs of your employees. 2. The employee contribution is limited to a fixed percentage of the employee's salary, called the “employee portion.” Employees are allowed a maximum of 3% of their salary. You can make up to 10% for all your employees and employees not on the payroll at the time. 3. You can make your employees roll over their contributions whenever their contributions reach their account balance. (Employees who have never had a SIMPLE IRA can roll over in two years at any time.) 4. SIMPLE benefits are available to you and your employees until age 59½. 5. You can roll over contributions from your SIMPLE IRA to another SIMPLE IRA plan, which can save your business money when you or your business needs money quickly or when someone else in the business needs a 401K or IRA, and rollover after that.

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