A SIMPLE IRA is an easy to administer, plan option for self-employed individuals or businesses with up to 100 employees.

Call 1.800.638.3804 to get started.
 Simple IRA Employee Guidebook Simple IRA Retirement Plan
Simple IRA Retirement Plan
Eligible Employer: Businesses with up to 100 employees and self-employed individuals. Generally, employers may not have any other retirement plans to which contributions are made or benefits accrued.
Employer
Deductible
Limit:
Employer chooses either a dollar-for-dollar match of salary deferrals, up to 3%* of participant's compensation, or, a non-elective contribution of 2% of each participant's compensation**.
Maximum Contributions for Employees: Employer contribution plus salary deferral limit.
Salary Deferrals Allowed: Yes, may contribute the lesser of:
100% of compensation or $12,500 ($15,500 if age 50 or older) in 2016.
Employer Fees: No annual fees or set-up costs1
Plan Set-up
Deadline:
Initial plan setup deadline is October 1st; an exception applies for newly established employers.
Reporting
Requirements:
No plan tax filing is required, IRA based plan
Investment Options: Choose from over 90 no-load mutual funds
SIMPLE IRA Plan Benefits

SIMPLE IRA Plan Benefits

Participation Is Voluntary
  • Eligible employees choose if, and how much, to contribute to their SIMPLE IRA Plan.
  • Unlike other kinds of retirement plans, a SIMPLE IRA plan has no required level of participation.
Low Costs
  • No participant fees when you subscribe to paperless delivery.1
  • We keep our mutual fund expenses low to help you save even more.
Easy Maintenance, Easy Saving
  • You make deductible contributions directly to individual retirement accounts
    (SIMPLE IRAs) for yourself and your employees.
  • Participants may rollover or transfer to a T. Rowe Price SEP-IRA.
*May be as low as 1% in no more than two years out of the five consecutive calendar years.

**Maximum amount of compensation that can be used in determining contribution is $265,000 for tax years 2015 and 2016. This amount is increased periodically for inflation.

1An annual $20 account service fee is charged for each mutual fund account with a balance below $10,000. The $20 account service fee will be waived for the following circumstances: Subscribe to electronic delivery of statements and confirmations; maintain an individual combined balance of $50,000 or more for all T. Rowe Price accounts (including mutual funds, Brokerage, and Small Business Retirement Plans); or qualify for T. Rowe Price Select Client Services based on higher asset levels of $100,000 or more. Participants can subscribe to paperless delivery via the T. Rowe Price website once their account is established. 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 account 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.