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Easier to Manage
Administration may be simpler and less costly than a 401(k) plan, and employees manage their own accounts
SIMPLE IRA
Offered by PNC Investments
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 Investments. This plan type is easy to open and run, has low costs and fees, and all funds accumulate on a tax-deferred basis.
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Key Features
Immediate 100% Vesting
Any contributions in a SIMPLE plan are 100% vested immediately
Employer Determines Contributions
As an employer, you decide how much you want to contribute and match
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
Employee Contribution Limits
| 2023 | |
Employees under 50 |
$15,500 |
Employees over 50 |
$19,000 |
Account Fees & Minimums
Vary based on investment choices.
Associated Products & Services
The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Private Bank℠ or PNC Institutional Asset Management®:
How PNC Investments Does Business
Learn how PNC Investments does business, including our qualifications, business practices, fee schedules, and options for how you can work with us by reviewing our Client Relationship Summary, Overview of Products and Services and more. View Details »
Important Legal Disclosures and Information
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products and brokerage services as well as managed account advisory services to US based clients are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and Member FINRA and SIPC. Managed account advisory services for non-US based clients are offered by PNC Managed Account Solutions, Inc., a registered investment adviser. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency (CA License #0B57695).
PNC Investments, PNC Insurance Services and PNC Managed Account Solutions do not provide legal, tax, or accounting advice.
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This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
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