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Guide to SIMPLE IRAs


A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. Because it is a simplified plan, the administrative costs and burdens are typically lower than other plans. Under a SIMPLE IRA plan, employees and employers make contributions to SIMPLE IRAs set up for employees. Employees can contribute on a pre-tax basis through payroll deductions. The employer can choose to either match the employee contributions of those employees who decide to participate or to contribute a fixed percentage of all eligible employees' pay. SIMPLE IRA plans are easy to setup and maintain. SIMPLE IRA plans do not require IRS 5500 filings either.


A number of Security Benefit products have SIMPLE IRAs available. Speak with your representative for more information about those products.


See the SIMPLE IRA Plan Flyer (PDF) for more specific information and contribution limits on SIMPLE IRAs.