SIMPLE IRA’s (Savings Incentive Match Plan for Employees)

YEAR CONTRIBUTION IF UNDER THE AGE OF 50 CONTRIBUTION IF OVER THE AGE OF 50 DEADLINE TO OPEN IRA DEADLINE TO EMPLOYEE TO FUND IRA
2018 $12,500 $15,500 10/1/2018 12/31/2018
2019 $13,000 $16,000 10/1/2019 12/31/2019
  • Above contributions are salary reduction contributions.
  • If an employee participates in any other employer plan during the year and has elective salary reductions under those plans, the total amount of the salary reduction contributions that an employee can make to all the plans he or she participates in is limited to $18,500 in 2018 and $19,000 in 2019.
  • The employer is generally required to match each employee’s salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee’s compensation. This requirement does not apply if the employer makes non-elective contributions instead.