Savings Incentive Match Plan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.
Employer Eligibility – Any employer with one or more employees. No annual filing requirement for employer. Bank or financial institution handles all of the paperwork.
Employee Contribution – can contribute up to $16,000 in 2024 through salary with.
Employer Contribution – must match 100% of employee contributions up to the first 3% of compensation.
Coverage Requirement — must be offered to all employees