Fidelity's Savings Investment Match Plan for Employees (SIMPLE IRA) makes it easier for self-employed individuals and small businesses with 100 or fewer employees to offer tax-advantaged retirement plans.

With Fidelity, you have no account fees and no minimums to open an account.1 You'll get exceptional service and guidance from our team.

1. Key things to know

Who is eligible

Employers must have 100 or fewer employees and cannot maintain any other employer sponsored retirement plan. Employees must have earned at least $5,000 from the employer in any 2 preceding years and expected to earn at least $5,000 in the current year.

Tax benefits

Earnings are tax-deferred and contributions are tax-deductible.

Who contributes

Funded by employer contributions. Employers can contribute online through Fidelity PlanManager.



  • Mandatory match or non-elective contribution. Mandatory 3% matching contribution or 2% non-elective contribution.


  • Funded by employee salary deferrals. Employees may defer up to $14,000 for 2022 ($17,000 if age 50 or older) and $15,500 for 2023 ($19,000 if age 50 or older).

10% early withdrawal penalty (25% for first 2 years of plan participation) if under age 59½, subject to certain exceptions. Required minimum distributions starting at age 72.

Investment options

A wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs

Only certain fund families have mutual funds that are eligible investments for SIMPLE IRAs with no minimum initial investment requirement.


No account fees and no minimum to open an account.1 $0 commission for online US stocks and ETFs.*


Certain annual employee notifications must be made. No plan tax filings with the IRS are required.


For current tax year: Set up and notify employees by October 1. Deferrals and matching must be contributed no later than 30 days after the end of the month in which amounts would have otherwise been payable to the employee.

Matching contributions are due no later than the due date for filing your business's income tax return including extension.

How to make

Employers can contribute online through Fidelity PlanManager.

2. Open your plan

  1. Print, read, and retain copies of the following documents:
  2. In order to set up your plan, you will need to print, complete and sign the following documents:
  3. Please mail the completed originals in Step 2 to:

    Fidelity Investments
    PO Box 770001
    Cincinnati, OH 45277-0038

  4. Keep copies of all forms and documents for your company's plan records.
  5. Once we have received the completed required documents in Step 2, you are ready to enroll your employees. Please see Enroll Employees for more information.

3. Enroll employees

  1. If you intend to deliver plan-related materials to your employees via email, please consult the Department of Labor's guidance for the use of electronic delivery of required plan-related materials.
  2. Download, print, customize, and distribute to all eligible employees:

    You are required to provide eligible employees with the Sample Summary Description and Participant Notice on an annual basis (by November 2). Fidelity SIMPLE IRA Plans receive a Summary Description and Participant Notice when the plan is established and annually thereafter in September.

    You are legally required to give all eligible employees at least 60 days to make or modify any salary reductions elections each year.

  3. Have every participating employee print and review the SIMPLE IRA Employee Enrollment Brochure (PDF)
  4. Have every participating employee open a SIMPLE IRA account. For anyone choosing to open his or her account with Fidelity, visit
  5. Have every participating employee complete a Salary Reduction Agreement (PDF) and forward the completed agreement to your payroll vendor or payroll processor. The employer should keep a copy of the employee's elections on file for their records.

If you have any questions, call 800-544-5373 to speak with a Fidelity small business retirement plan associate.

4. Funding your plan

Once you have opened your SIMPLE IRA Plan and employee accounts have been established, the next step is to set up electronic funding for the plan. You have two options:

Option 1: Use Fidelity's Electronic Funding Service, which is available through our Plan Manager site:

Print and review the Using Plan Manager (PDF) guide, then go to Plan Manager to register so that you can make contributions to your plan.

  • For more information on Fidelity Plan Manager, please visit the FAQs

Option 2: Use your external bank or payroll vendor to fund your plan electronically:

Print, review, and provide your bank or payroll vendor with a copy of the Important Information about Your Fidelity SIMPLE IRA Plan (PDF).

Ready to get started?

You can start opening your
SIMPLE IRA online today
by downloading forms.

For all small-business plans,
call us at

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