SIMPLEs

A SIMPLE IRA (Savings Incentive Match PLan for Employees) gets both the employer and the employee involved in contributing to a retirement account. While employees are 100% vested from inception, there are steeper penalties for withdrawing money from the account within the first two years of participating.

  • 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

“We’re a second generation pharmacy that knows the value of good neighbors and strong relationships. We’ve got a great partner in My Bank; they help us run the store more efficiently and support some of our favorite organizations including League for Crippled Children, Frostburg State University, and the Shriners.”

Bob Martin
Potomac Valley Pharmacy

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