A SIMPLE (Savings Incentive Match Plan for Employees) is a tax-deferred retirement plan for small employers who have 100 or few employees who received $5,000 or more in compensation for the preceding year. Under a SIMPLE Plan, retirement accounts for participating employees are set up as individual SIMPLE IRAs. Employer contributions are made either through matching contributions or non-elective contributions on behalf of eligible employees. Additionally, eligible employees can choose to make salary reduction contributions. Employers must satisfy a different set of rules to set up a SIMPLE IRA Plan versus a qualified retirement plan. The rules for SIMPLE IRAs are less complex than those of qualified plans and therefore these plans are not as expensive.
Canandaigua National Bank and Trust (CNB) has a team of retirement plan professionals that assist you in establishing and maintaining your SIMPLE IRA Plan. Although, the SIMPLE IRA Plan rules are not as complex than those of qualified plans, they can be confusing and labor intensive. CNB provides a local, dedicated Relationship Manager to implement your retirement program and assist in the operation and legal notice requirements. You will also have access to a variety of investment choices through our ChosenTM Retirement Year Portfolios1 and The Chosen Funds® 2. With our experience and background, CNB delivers a high quality, solution to help you increase employee satisfaction and retention, by offering this important benefit.
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or if you would like to speak with a Financial Services Professional, please call 585.419.0670.