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  • For businesses with less than 25 employees, the allure of adopting a SIMPLE IRA as their employer-sponsored retirement plan is very tempting. Simple to set up – just set up an IRA for each eligible employee; and there is no administration. The required matching contribution is only 3 percent, and only on actual salary deferrals. It’s a quick and easy way to satisfy the obligation employers feel towards their employees as well as themselves to provide an important and generally expected benefit. However, for some employers, especially those which are top-heavy with highly compensated employees, it would be important to look beyond the simplicity and lower cost of a SIMPLE IRA to consider their limitations as well as the advantage of alternative plans, such as a Safe Harbor 401k.
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