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This is a streamlined program for offering your employees a simple yet compelling retirement savings program.
This is a streamlined program for offering your employees a simple yet compelling retirement savings program. ADP has combined resources with Fidelity Investments ® to offer a SIMPLE IRA product specifically designed for ADP clients. The program allows you and each of your eligible employees to defer up to 100% of compensation, or up to $10,000 in 2006 (whichever is less) towards retirement. As the employer, you can match that contribution dollar-for-dollar up to $10,000 or 3% of your compensation, whichever is less. That’s a possible maximum savings of $20,000. The SIMPLE IRA allows participants to grow earnings tax-deferred until the money is distributed. This plan includes:
- Setup of plan and payroll deductions
- Calculating matching contributions each pay period
- Electronic transfers of contributions to Fidelity
- Plan administration and management
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