Thinking of starting up a SIMPLE for 2023? If so time is running out for existing firms to set the plan for 2023.
You have a deadline of Oct. 2. Otherwise, contributions can’t be made for 2023.
SIMPLEs are plans for small firms; those with 100 or fewer employees in the prior year.
Employers must match employee payins of up to 3% of pay or put in 2% of pay for all.
Employees can contribute up to $15,500 for 2023, plus $3,500 more if age 50 and over.
This is the type of plan we use in my office. Costs are low, and the money paid goes to the participants.