SIMPLE IRA, SIMPLE 401(k), 401(k) PLAN COMPARISON
01.Core Concepts
(1 OF 3) 401(k) Plans SIMPLE 401(k) SIMPLE IRA Most Employers Same as SIMPLE IRA Small employers (limit of 100 employees with compensation > $5,000) Application Self-reliant employee elective deferral contributions and employer match Style By due date of the return + extensions Same as SIMPLE IRA Generally, October 1 of the year the plan starts Established by What Date There may be other plans Must not have another retirement plan Must not have another retirement plan (unless convert to safe harbor 401(k)) Ability to Have Other Plans Annual filing required and administrative costs Same as 401(k) No annual filing requirement, minor costs Filings and Costs