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If you own a small- to medium-sized company, consider adding the SIMPLE (Savings Investment Match Plan for Employees) IRA to your employee benefit portfolio.

  • Employer contributions are deductible
  • Contributions for participants are taken from pre-tax wages
  • Employers can choose a matching feature or a percentage of wages

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Eligible employers include those who:

  • Have 100 or fewer employees who earned at least $5,000 in the preceding year AND
  • Do not maintain any other employer-sponsored retirement plan

Eligible employees include those who:

  • Have earned at least $5,000 from the employer in any two preceding years AND
  • Are expected to earn at least $5,000 in the current year


The SIMPLE IRA provides flexible contribution options.

  • Employers must contribute up to 3% in matching contributions or 2% in non-elective contributions.
  • Employees can contribute up to 100% of their workplace compensation up to $12,000 in 2013. Those 50 and older can contribute another $2,500 per year.


Employer contributions are tax deductible as a business expense.

  • Employee contributions are pre-tax.
  • Earnings grow tax deferred.


Penalties are determined by the SIMPLE IRA owner’s age and the length of their participation in the plan at the time of distribution.

  • Minimum required distributions start at age 70½.
  • 10% early withdrawal penalty applies for withdrawals made before age 59½.
  • 25% early withdrawal penalty for withdrawals made in the first two years of plan participation, subject to certain exceptions.

Penalties may be waived for a variety of circumstances, including death or disability, or to pay for college, a first-time home, medical costs or certain other expenses. Contact your BB&T Investment Services, Inc. Investment Counselor for more information.


These products are only a few of the retirement and investment solutions offered by BB&T Investment Services, Inc. For information on other products and solutions, please contact a BB&T Investment Services, Inc. Investment Counselor.

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