SIMPLE IRAs (Savings Incentive Match Plan for Employees)

A Savings Incentive Match Plan for Employees, or SIMPLE IRA, is a powerful tool business owners can use to invest in their employees’ futures, while enhancing their company’s competitive edge. Designed for businesses with 100 or fewer employees, a SIMPLE IRA simplifies retirement planning with cost-effective contributions and reduced administrative burden, making it an excellent choice for small businesses seeking to provide comprehensive retirement benefits.

The Goal of a SIMPLE IRA

SIMPLEs allow business owners to provide employees with a valuable retirement account that encourages savings for the future, fostering loyalty and job satisfaction. It’s a straightforward and efficient way to:

• Offer competitive benefits to attract and retain top talent.
• Empower employees to participate in retirement planning through pre-tax contributions.
• Demonstrate your commitment to your team’s long-term financial security.

When utilized effectively, SIMPLE IRAs provide a significant advantage in balancing employee benefits with manageable operational costs.

The Benefits of a SIMPLE IRA Plan with First United Bank & Trust

Expert Retirement Planning Support

Our wealth management professionals assist you in setting up and managing your SIMPLE IRA program, offering tailored solutions to help you meet business and employee needs.

Cost-Effective Long-Term Solutions

Compared to traditional 401(k) plans, SIMPLE IRAs require minimal administrative expenses, while still offering impactful benefits, making them ideal for small to medium-sized businesses.

Flexible Contribution Options

With the SIMPLE IRA, employers and employees can contribute to the plan, ensuring long-term growth opportunities for everyone involved.

Access to Comprehensive Retirement Products

At First United Bank & Trust, we integrate access to additional retirement products like Roth IRAs, Traditional IRAs, SEPs, and annuities, giving you and your employees a full spectrum of investment options.

When Does a SIMPLE IRA Program Make the Most Sense?

Common Scenarios for Implementing a SIMPLE IRA

A SIMPLE IRA program is an excellent choice for businesses with 100 or fewer employees who want to provide affordable yet attractive retirement benefits. It works exceptionally well for companies aiming to streamline administrative requirements, while giving employees various ways to save for retirement.

Advantages of a SEP IRA

Unlike a Simplified Employee Pension IRA (SEP IRA), SIMPLE IRAs allow employees to contribute directly, giving them a more active role in planning their retirement while offering employer contributions.

Advantages Over Traditional 401(k)s

For smaller businesses, SIMPLE IRAs are cost-efficient and easier to manage than complex 401(k) plans. They eliminate the need for annual compliance testing, while offering employees substantial savings options.

Advantages of Individual Retirement Accounts

A SIMPLE IRA creates a collaborative opportunity — employers contribute alongside employees, building a stronger financial outlook for both parties than an individual account.

Get Started with a SIMPLE IRA Plan in 4 Simple Steps

Step 1: Speak with an Expert

Consult our seasoned retirement specialists to understand how a SIMPLE IRA fits your business’s needs.

Step 2: Choose a Contribution Plan

Decide how you’ll contribute (match employee contributions or use a flat percentage of pay).

Step 3: Set Up the Plan

We’ll guide you through the paperwork and administrative steps, providing a smooth and straightforward setup process.

Step 4: Enroll Your Employees

Educate your team on the benefits and facilitate their enrollment to help them start saving right away.

Still Have Questions?

We’re here to help! Get in touch with First United Bank & Trust to explore how you can make retirement planning easier and more effective for your business.  

By choosing First United Bank & Trust for your SIMPLE IRA program, you’re not just offering your employees a savings plan — you’re setting the foundations for a future where financial security meets organizational success. From investment management to full wealth management solutions, such as estate planning, wills, and trusts, we’ve got you covered every step of the way. Connect with us today to build a stronger, brighter future together.