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Armada's Bulletin Board
SIMPLE IRAs: Low-cost Alternative
Savings Incentive Match Plans for Employees (SIMPLE) IRAs are rapidly becoming one of the most popular retirement savings plans offered by small businesses. SIMPLE IRAs were designed as a low-cost, easy-to-administer alternative to 401(k) plans. They offer an ideal way for employers with fewer than 100 employees to provide salary deferral plans without the costs or administrative responsibilities of more traditional 401(k)s.
According to a recent Investment Company Institute survey, the number of SIMPLE IRA plans increased by almost 300% from December 1998 through December 2002. The vast majority of these plans are offered by businesses with fewer than 25 employees. This may be because small business owners appreciate the simplicity of SIMPLE IRAs, which require no federal annual reporting or discrimination testing.
For more detailed information about the features and advantages of Armada SIMPLE IRAs, click here.
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