Retirement Plan
SUBMASTERS offers all qualifying employees the option to participate in a SIMPLE-IRA retirement plan.
The SIMPLE-IRA is a tax-deferred retirement plan provided by small businesses who do not maintain any other retirement plan. Contributions are made by both the employee and the employer. In a SIMPLE-IRA, contributions and the investment earnings can grow tax-deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income.
Annually, the maximum employee contribution is 3% of an employee's gross income, plus SUBMASTERS' matching contribution SIMPLE-IRAs are subject to the same rules as a regular IRA.
The Advantages
Can Also Invest in IRAs
Employees with SIMPLE-IRAs can also invest in regular IRAs, giving you another opportunity to save for your retirement.
Tax-Deferred Contributions and Earnings
Your contributions are taken pre-tax, reducing your taxable salary and both the contributions and earnings can grow tax-deferred until they are withdrawn. Tax-deferred contributions and earnings make up the best one-two punch in investing.
Who Is Eligible
You are eligible to contribute to a SIMPLE-IRA in any year you earn a salary and are a full time SUBMASTERS' employee.
