SIMPLE IRAs Education and Training

Educate yourself on SIMPLE IRA information for employee benefits

Savings Incentive Match Plan for Employees (SIMPLE) IRAs for small businesses is a company-provided retirement plan that has tax advantages. Benefits include: low cost, easy to administer, easy to roll over into another tax-free IRA or SIMPLE plan and reduction of taxable income. Employees avoid paying taxes on the money placed in the SIMPLE plan until they decide to withdraw the funds, and employers receive deductions for money contributed.

Two types of SIMPLE plans available include a SIMPLE IRA plan and a SIMPLE 401(k) plan. If employees decide to participate in the SIMPLE IRA, they contribute a chosen amount of their salary, and that amount is either matched by the employer or some other agreed upon amount. The amount of contributions in one year changes every year, so check with the IRS for up-to-date information. To continue SIMPLE IRAs Education and Training, see the following information:

1. Sign up for SIMPLE IRA info training and education courses.

2. Find association and organizations that focus on SIMPLE IRAs for small businesses.

3. Check out do-it-yourself SIMPLE IRA information.

 

Seek education and training to improve SIMPLE IRA knowledge and ability

Offer training for employees so that they better understand IRAs and they have an opportunity to ask questions relevant to their situation. Choose training companies that train to the ability of your employees and offer a format that works for your business. Many training companies tailor training, seminars, webinars, etc., so they are specific to your business needs.
Try: Wolters Kluwer Financial Services offers a variety of training options with seminars, software, webinars and custom designed training. See a calendar of education events with New York Bankers Association Online for more training opportunities. Principal Trust has webinars to educate employers and employees about IRAs. With a financial focus, the Center for Financial Training offers education and training in different formats focused on business finance and includes IRAs.

Find IRA associations and organizations to assist with your SIMPLE IRA plans

There are associations and organizations available for your business' questions and concerns about setting up and maintaining employee IRA accounts. Many offer education, guidance and articles that support small business efforts to improve employee benefits. Take the time to explore options in your area and on the national level.
Try: For education about a self-directed IRA or a solo 401 K, check out the articles and classes offered by the IRA Association of America. The Employee Benefits Security Administration, a branch of the United States Department of Labor, is an organization with offices in your state to assist with employee benefits.

Set up SIMPLE IRA plans with a do-it-yourself education

There are websites that help you set up a SIMPLE IRA account for each employee. They offer systematic information on how to get started and complete the set up process. The information offered educates you on every aspect of successfully providing an IRA account for your employees and often provides a FAQs page for commonly asked questions.
Try: For information and guidance in setting up a SIMPLE Plan, see money-zine.com. This page with the Internal Revenue Service shows how to establish a SIMPLE plan guide. The United States Department of Labor explains the SIMPLE plan, points out advantages, and has instructions for beginning a SIMPLE plan.

 

• Review specific SIMPLE IRA info and requirements before you choose one, consider the average age of your employees, if you want loans allowed in the plan, and other details.

Copyright © 2011 Business.com, Inc. All Rights Reserved.

---