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  • To make it easier for small employers to establish a retirement plan for themselves and their employees, Congress created the Savings Incentive Match Plans for Employees, also known as SIMPLEs. These plans are simple to administer and offer contribution options that are both flexible and substantial.

    Which employers are eligible?
    A SIMPLE IRA plan is generally available to both profit and non-profit employers who have 100 or fewer employees who are expected to earn at least $5,000 during the calendar year. However, generally, an employer may not have a SIMPLE plan if the employer provides benefits under another qualified retirement plan.

    How much can be contributed?
    The SIMPLE IRA plan is a salary deferral-type of plan resembling a traditional 401(k). Under the SIMPLE IRA plan:

    • For tax year 2021, employees may contribute salary deferral contributions up to $13,500 ($16,500 if age 50 or greater), tax-deferred, each year, and
    • Employers provide either:
      • a 100% match of employee deferrals, up to three percent of full compensation. A lower match percentage is allowed (but not lower than one percent) for two years in a five year period, or
      • non-elective contributions equal to two percent of compensation for each eligible employee's behalf. (Up to a maximum compensation of $285,000, regardless of whether the employee contributes).

    What are the tax benefits?
    All employer amounts contributed to a SIMPLE IRA are tax-deductible by the employer. Employees are not taxed on salary that they have deferred. All plan earnings are tax-deferred.

    Guaranteed Safety
    No matter how market conditions change, you will never lose your initial investment. A fixed annuity has minimum interest guarantees and cannot experience negative growth.

    Contact your Farm Bureau Insurance agent for more information on insurance products from Farm Bureau Insurance of Michigan.


    The product information included in the Farm Bureau Insurance of Michigan web site is intended for Michigan residents only, and is neither an offer to sell nor an invitation to purchase any insurance product.

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