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
2017
$12,500
$15,500
10/1/2017
12/31/2017
2018
$12,500
$15,500
10/1/2018
12/31/2018
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 $18,000 in 2017 and $18,500 in2018.
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.