Looking for a retirement plan for your employees that's easy and inexpensive to administer? Well, there may be a simple answer, the Savings Incentive Match Plan for Employees of Small Employers, better known as the SIMPLE IRA plan.

A SIMPLE IRA plan lets your employees defer up to $13,000 of compensation in 2019 ($16,000 if age 50 or older). You promise to match employee contributions dollar for dollar up to 3% of pay, or to make a "nonelective" contribution for all eligible employees, whether or not they contribute, equal to 2% of pay.

(The 3% of pay match may be reduced to as little as 1% in any two of five years. And no more than $280,000 of an employee's pay can be taken into account when determining contributions in 2019.)

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