A less complex way to establish retirement savings for your small business

The Savings Investment Match Plan for Employees (SIMPLE) Individual Retirement Account (IRA) combines the power of payroll contributions with the simplicity of an IRA for small business owners and their employees.

Best if you

  • Have 100 or fewer employees
  • Do not maintain any other employer-sponsored retirement plan
  • Have employees who earned at least $5,000 in the preceding year and expect to earn at least that amount in the current year
  • Would like to have multiple investment choices
  • Are prepared to choose one of the contribution methods on a yearly basis
  • Would benefit from a plan with no filing requirements


  • SIMPLE IRAs are relatively easy to set up and run
  • Contributions are tax-deductible for employers
  • Employee contributions are pre-tax
  • Earnings grow tax deferred
  • Employers can choose a matching feature or a percentage of wages
  • Matching employer contributions belong to the employee immediately and can go with them if they leave


  • Employers must contribute up to 3% in matching contributions or 2% in non-elective contributions.
  • Employees can contribute up to 100% of their compensation up to the designated annual cap. Those age 50 and older can contribute another $3,000 per year.
  • Minimum required distributions start at age 70½. There is a 10% penalty for withdrawals made before age 59½. There is a 25% penalty for withdrawals made in the first 2 years of plan participation.

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Send certificates and correspondence to:

BB&T Investments
200 S. College St., 11th Floor
Charlotte, NC 28202

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