Section 408(p) of the Internal Revenue Code sets the law in regards to the Savings Incentive Match Plan for Employees (SIMPLE). It allows the employer to establish a basic retirement plan for any business with less than 100 employees. The employer is allowed to either match an employee elected deferral up to 3% of compensation or provide a flat 2% contribution to an employees Individual Retirement Account (IRA).
One of the best parts of being a bookkeeper is seeing employees smile when they utilize employee benefits. There are a multitude of different employee benefits out there including: Health Insurance Retirement Life Insurance Dental […]