| SIMPLE IRA Plan Features | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
 Funding Source
|
Employee & Employer | |||||||||
 Maximum Employee Deferral
|
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 Employer Contribution (Mandatory)
|
3% Match Contribution*, or 2% Nonelective |
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 Plan Establishment Deadline
|
October 1 | |||||||||
 Account Structure
|
Participant-Controlled SIMPLE IRAs | |||||||||
 Additional Plan Features
|
✘ Withdrawal Restrictions ✘ Vesting ✘ Plan Loans |
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| *3% matching contribution may be reduced to as low as 1%, but the reduced matching contribution option may only be used during two years out of any five-year period. | ||||||||||