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.
Funded by employer contributions and elective employee salary deferrals
For current tax year: Set up and notify employees by October 1.2
Certain annual employee notifications must be made.
No plan tax filings with the IRS are required.
Minimum required distributions starting at age 70½
10% early withdrawal penalty (25% for first two years of plan participation) if under age 59½, subject to certain exceptions
Include 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.
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One-on-one guidance—in person, online, or over the phone
Research and tools to help you create a long-term plan and choose investments
$350 per plan3 collected annually from the employer; or $25 per participant3 collected annually from participants' accounts
Call 800-544-5373 and select option 3 to speak with a small-business retirement specialist.