Trinity Financial & Insurance Solutions helps small business owners and sole proprietors create and manage “Savings Incentive Match Plans for Employees,” also known as SIMPLE IRAs. Offering a SIMPLE IRA can help small companies to attract and retain top-level talent. SIMPLE IRAs allow both employers and the employees to contribute to the savings plan with significant tax advantages for both parties.
To participate in a SIMPLE IRA, employers must have 100 or fewer employees and not currently be sponsoring any other retirement plan. Employees must have earned at least $5,000 in compensation during any two years before the current calendar year, and expect to receive at least $5,000 during the current calendar year.
Need help choosing and establishing a SIMPLE IRA? Contact Louie.Berrodin@Prudential.com or call 330-352-1425.