SIMPLE IRAs
Small-business owners know the importance of attracting and retaining the best employees. As these businesses face their competition, any edge can make the difference. Putnam's SIMPLE IRA gives small-business owners a competitive advantage: a flexible, convenient, and affordable way to offer tax-advantaged retirement plans to their employees. Plus, it is a great way to jump-start their own savings.
Today's opportunity
Putnam's SIMPLE IRA provides small-business owners with a powerful and affordable benefit for their employees. The plan allows both employers and employees to make tax-advantaged contributions.
Investors who could benefit
- Companies with fewer than 100 employees, seeking an affordable and flexible retirement plan option.
- Small companies (including professional corporations, C and S corporations, and single-employee corporations) with no more than 100 employees and no existing retirement or pension plan.
Take advantage: Putnam Small Business SIMPLE IRA
- Tax deductible employer contributions and pretax employee contributions.
- Employer flexibility to choose between incentive match and non-elective contribution options from year to year.
- Any eligible employee of a company that offers a Putnam SIMPLE IRA may contribute up to $15,500 in 2023 ($19,000 for employees age 50 and over; limits in subsequent years will be indexed for inflation).
- All plan administration costs are covered by a low annual fee of $25 per employee.
- No annual form 5500 or discrimination testing.
Resources
| Use | Type |
|---|---|
| Review the benefits of a Putnam SIMPLE IRA. | |
| Download fillable applications and forms for the Putnam SIMPLE IRA. | Web page |
Withdrawals are subject to income tax, and those made before age 59½ may be subject to an additional 10% tax.