A saving incentive match plan for employees, also known as a SIMPLE plan, is a basic retirement plan between employees and their employers. In order for employers to qualify for SIMPLE plans, they have to successfully meet the employee limit, and they should not have an alternate qualifying plan, unless if that plan is intended for collective bargaining employees. Employees are able to participate in the retirement plan as long as they make a specific salary during a specific time frame, such as $5,000 during any three years before the current calendar year. Employers can set up their SIMPLE plans with the IRS.
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