Savings Incentive Match Plan for Employees
A salary-deferral retirement plan for small businesses

Employers searching for an inexpensive salary-deferral retirement plan should consider a Savings Incentive Match Plan for Employees (SIMPLE).

SIMPLE Plans allow employees to make pre-tax salary deferrals of up to $7,000 annually for 2002, $8,000 for 2003, $9,000 for 2004, and $10,000 for 2005. Contributions also grow tax-deferred. Employers are required to make either a dollar-for-dollar match up to 3% of compensation, or a 2% non-elective contribution to all eligible participants.

Ideal for sole proprietors, partnerships and corporations with fewer than 100 employees, SIMPLE Plans do not require an IRS Form 5500 filing.

For more information, contact an Extraco Relationship Manager by e-mail, or call 866-EXTRACO toll-free.

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