Simple IRA

Offered by PNC Investments.
This plan type is easy to open and run, has low costs and fees, and all funds accumulate on a tax-deferred basis.


If you employ fewer than 100 employees who earned $5,000 or more in any two years prior and who are expected to earn at least that much this year, consider a SIMPLE (Savings Incentive Match Plan for Employees) IRA from PNC Investments. This plan type is easy to open and run, has low costs and fees, and all funds accumulate on a tax-deferred basis.

Key Features

Easier to Manage

Administration may be simpler and less costly than a 401(k) plan, and employees manage their own accounts

Immediate 100% Vesting

Any contributions in a SIMPLE plan are 100% vested immediately

Employer Determines Contributions

As an employer, you decide how much you want to contribute and match

Overview

  • An alternative to traditional 401(k) plans, a SIMPLE IRA is a tax-advantaged retirement plan for small businesses with fewer than 100 employees
  • All contributions are immediately 100% vested
  • Money is invested tax-deferred
  • Employees manage their own accounts and make their own investment selections
  • As an employer, you decide how much you want to contribute and match, subject to certain restrictions
  • Employers must either match a portion of the employee’s contribution or make a non-deductible contribution to all employees
  • Employers offering a SIMPLE IRA are generally not permitted to offer any other retirement plan

Additional Information

Employee Contribution Limits

2024

Employees under 50

$16,000

Employees over 50

$19,500

 

Account Fees & Minimums

Vary based on investment choices. 

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Associated Products & Services

The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Private Bank℠ or PNC Institutional Asset Management®:

Small Business Retirement Plan Options

SEP-IRA

Whether you’re running your own business as a sole proprietor or have a staff of any size, consider a SEP-IRA (Simplified Employee Pension-IRA) from PNC Investments. This plan type allows you to leverage tax-advantaged investments for yourself and your employees.

Learn More About SEP-IRAs

Investment Solutions

Life Insurance

For many, life insurance is a critical component of an overall financial plan, and selecting the right amount of coverage and policy type can be a challenge. As with all investments, it’s important to monitor life insurance policies to ensure they’re helping you to achieve your financial goals. PNC Investments can provide you with a no-cost policy review to help confirm you’re receiving the best possible value.

Learn More About Life Insurance

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