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This chart is a side-by-side comparison of plan features, benefits, and requirements. For detailed plan information, simply click on the individual titles or call a T. Rowe Price small business retirement specialist at 1-800-638-3804.

  T. Rowe Price
SEP-IRA
T. Rowe Price Individual 401(k) T. Rowe Price
SIMPLE IRA

Who is it for?

For self-employed individuals and business owners who wish to make contributions for employees at a low administrative cost

For sole proprietors who want to make the highest contribution possible (for themselves and a working spouse)

A low-cost, easy-to-administer plan for businesses with up to 100 employees or for self-employed individuals

Key benefits

Easy and inexpensive to set up and maintain

Allows for the highest contributions in many cases

Salary deferral plan with both employee and employer contributions

What is the maximum contribution (per participant)?*

Employer Contributions
25% of compensation**
OR
$52,000, whichever is less for tax year 2014 (for tax year 2013 the limit is $51,000

Salary Deferrals
100% of compensation** up to $17,500 in 2014 and $23,000 if age 50 or older (For 2013 the limit is $17,500 and $23,000 if age 50 or older).

Employer Contributions
Up to 25% of compensation**

Salary deferrals plus employer contributions may not exceed $52,000 for tax year 2014 and $57,500 if age 50 or older (For 2013 the limit is $51,000 and $56,500 if age 50 or older).

Contributions are allowed for business owner and their working spouse

Salary Deferrals
Up to $12,000 in 2014 and $14,500 if age 50 or older.

Employer Matching
Dollar-for-dollar match of salary deferrals, up to 3% of a participant's compensation***

OR

Employer Nonelective
2% of each eligible employee's compensation**

What are the employee's options?

Employer decides if contributions will be made year to year

Employee decides whether to make pretax (and, if permitted, Roth after-tax) salary deferral contributions

Employee can decide how much to contribute; employer must also make contributions

May employees contribute?

No

Yes

Yes

Is the plan subject to a vesting schedule?

N/A

No

N/A

What are the annual fees?

$20 account service fee for each mutual fund account with a balance below $10,000.

$20 account service fee for each mutual fund account with a balance below $10,000.

$20 account service fee for each mutual fund account with a balance below $10,000.

What are the IRS filing requirements?

Generally, none

May require annual IRS Form 5500

None

Is the plan qualified?

No, IRA based

Yes (defined contribution)

No, IRA based

What plan eligibility requirements can the employer choose to set?

Age: no more than 21

Earnings: $500 in 2012

Years of Service: employed by the current employer in up to three of the past five years

Age: no more than 21

Earnings: no restriction allowed

Years of Service: no more than one year

Age: no restriction allowed

Earnings: not to exceed $5,000

Years of Service: no more than two years

What is the plan setup deadline?

Your company's tax filing deadline (including extensions)

By the end of the initial plan year, generally December 31

Generally, anytime prior to October 1 of each calendar year (for existing employers)

May I still contribute to an IRA?

Yes††

Yes††

Yes††

*The maximum deductible contribution for federal income tax purposes.

**Maximum amount of compensation that can be used in determining contribution is $260,000 for tax year 2014 ($255,000 in 2013). This amount is increased periodically for inflation.

***May be as low as 1% in no more than two years out of five consecutive calendar years.

The $20 account service fee will be waived for the following circumstances: Subscribe to electronic delivery of statements and confirmations (participants can subscribe to paperless delivery via the T. Rowe Price website once their account is established.); maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, Variable Annuity, and Small Business Retirement Plans); or qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more. If the Participant Account is closed during the year, a $20 closeout fee will be deducted automatically from the proceeds of the total redemption. However, the closeout fee is waived when an account service fee was previously assessed to the participant for that year or when the proceeds are being used for a rollover, transfer or conversion to a T. Rowe Price retirement plan account or T. Rowe Price IRA account.

††Contributions may or may not be deductible.
Copyright 2014, T. Rowe Price Investment Services, Inc., Distributor. All rights reserved.