The following information may be provided by PNC Wealth Management affiliates, including PNC Bank®, PNC Private Bank® or PNC Institutional Asset Management®:
SIMPLE IRAs from PNC Wealth Management
Offered by PNC Wealth Management.
This plan type is easy to open and run, has low costs and fees, and all funds accumulate on a tax-deferred basis.
If you employ fewer than 100 employees who earned $5,000 or more in any two years prior and who are expected to earn at least that much this year, consider a SIMPLE (Savings Incentive Match Plan for Employees) IRA from PNC Wealth Management. This plan type is easy to open and run, has low costs and fees, and all funds accumulate on a tax-deferred basis.
Key Features
Overview
- An alternative to traditional 401(k) plans, a SIMPLE IRA is a tax-advantaged retirement plan for small businesses with fewer than 100 employees
- All contributions are immediately 100% vested
- Money is invested tax-deferred
- Employees manage their own accounts and make their own investment selections
- As an employer, you decide how much you want to contribute and match, subject to certain restrictions
- Employers must either match a portion of the employee’s contribution or make a non-deductible contribution to all employees
- Employers offering a SIMPLE IRA are generally not permitted to offer any other retirement plan
Additional Information
2024 |
|
Employees under 50 |
$16,000 |
Employees over 50 |
$19,500
|
Account Fees & Minimums
Vary based on investment choices.
