To offer small Banks and Credit Unions a stand alone investment management platform that will service and monetize current customers in a manner that many of these institutions currently are not.
SIMPLE Savings Incentive Match Plan
You can put all your net earnings from self-employment in the plan: up to $14,000 in 2022, plus an additional $3,000 if you're 50 or older, plus either a 2% fixed contribution or a 3% matching contribution
SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan.
Available to any small business with 100 or fewer employees
Easy and inexpensive to set up and operate
Employer cannot have any other retirement plan
No filing requirement for the employer
Employer must contribute and employee may contribute; however, contributions are inflexible and contribution limits are lower than some other retirement plans.
Employer is required to contribute each year either a:
Matching contribution up to 3% of compensation (not limited by the annual compensation limit), or
2% non-elective contribution for each eligible employee
Employees may elect to contribute
Employee is always 100% vested in all SIMPLE IRA money