There was an issue with your input
Implement a cost-effective retirement plan that is easy to establish and maintain
A retirement plan for those seeking a lower-cost alternative to a 401(k).
Fidelity Advisor SIMPLE IRA Details
- For small business owners
- All taxable businesses with 100 or fewer employees with $5,000 or more in compensation in the prior calendar year1
- Sole proprietorships
- Pretax salary deferrals with minimal administrative expenses
- 100 or fewer employees
- Fidelity Advisor Funds® in multiple share classes
- Earned at least $5,000 in compensation during any two preceding years (consecutive or not) and expects compensation of $5,000 or more in the current year
- Certain employees may be excluded
- Lesser of 100% of compensation or $15,500 salary reduction contribution ($19,000 if age 50 or older)2,3
- Dollar-for-dollar match on first 3% of annual compensation deferred by each eligible employee4
- Nonelective contribution of 2% on up to $330,000 of annual compensation for each eligible employee3
- 100% immediately
- No setup or administration fee
- Annual custodial fee deducted from employee accounts
Deadline for Plan Setup
- Any time between January 1 and October 1 for current calendar year
- For new employers established after October 1, as soon as administratively feasible
- Minimal tax-filing burden, paperwork, and administrative expense
- Pretax salary deferrals
- Employer contributions to eligible employee accounts are deductible business expenses
- Accepts rollovers from other qualified account types
- 1. Employer may not concurrently maintain another employer-sponsored retirement plan.
- 2. Catch-up contributions may also be matched dollar for dollar if the plan allows.
- 3. These amounts are subject to annual cost-of-living adjustments (COLA). Current information reflects 2023 COLA.
- 4. The employer may match less than 3%, but not less than 1%, in two out of every five years.
- The above information is educational in nature and should not be construed as legal or tax advice.