SIMPLE IRA (Savings Incentive Match Plan for Employees)

(Depending on IRA assets, a SIMPLE IRA may or may NOT be FDIC insured.)

Mutual funds, stocks and bonds are not deposits or obligations of any bank; are not guaranteed by any bank; and are not insured or guaranteed by the FDIC, Federal Reserve Board or any other government agency. Investment in mutual funds, stocks or bonds involves risk, including possible loss of principal. Additional information is available from our personal bankers. Please contact us.

Retirement plan where employees (including the employer) can make pre-tax contributions and receive matching employer contributions.

  • This IRA is for employers with fewer than 100 employees.
  • Employee and employer contributions are 100% vested.
  • The employer contribution must satisfy a matching contribution or a non-elective Contribution.
  • See a personal banker for more details.
  • Current contribution levels are noted in the table below.

Economic Growth and Tax Relief Reconciliation Act of 2001 SIMPLE IRA Increased Contribution Amounts Effective 2002

Contribution Year Contribution Limit Under Age 50 Contribution Limit Age 50 And Over
2002 $7,000.00 $3,500.00
2003 $8,000.00 $3,500.00
2004 $9,000.00 $3,500.00
2005 $10,000.00 $4,500.00
2006 $10,000.00 plus COLA $12,500.00 plus COLA