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Savings Incentive Match Plan for Employees (SIMPLE) IRA

$445

PER YEAR

$150 ESTABLISHMENT FEE

A Savings Incentive Match Plan for Employees, commonly referred to as a SIMPLE IRA, is a type of employer-sponsored retirement savings plan. It is a great way to increase the amount that you and your employees are saving for retirement. The SIMPLE IRA is an alternative option for self-employed individuals or small business owners who have 100 employees or fewer.

The rules governing a SIMPLE plan are not as complicated as a 401(k). Contributions made to the plan have the potential to provide the plan or business owner with a tax-deduction equivalent to the amount of the contribution made into the account each year. This potential tax benefit is subject to government guidelines and income limitations. Earnings within the account are tax-deferred until withdrawn, just like a 401(k).

This means that the investment income in these accounts grows without having to be included in the account owner’s annual taxable income. Only when the funds are withdrawn from the account as a distribution will there be a potential tax liability.

TAX-DEFERRED GROWTH
One of the most notable benefits to a SIMPLE IRA is that funds are tax-deferred while in the account. That means that any money in the account is also tax-deferred until withdrawn from the account. For clarification, tax-deferred means you do not have to pay taxes until the funds or assets are removed from the account.

TAX DEDUCTIONS
If you are eligible, you can potentially write off contributions taxes for your business. You can invest in almost anything except for the prohibited investments outlined by the IRS Code. A few examples of investments you can partake in are: private companies, third-party lending/promissory notes, or oil and gas ventures. However, it is important to be aware of any potentially prohibited transactions when selecting and making investments within the plan to ensure you do not invest in a prohibited investment.

PLAN SPONSOR DEDUCTIONS
Plan sponsor contributions to a SIMPLE IRA can be tax deductible by your business, provided you meet certain requirements.

LONGER CONTRIBUTION PERIOD
Unlike a Traditional IRA, which prohibits contributions past the age of 70 ½, your employees will receive contributions regardless of their age.

EMPLOYEE RETENTION
This plan assists in motivating employee retention by providing your team with additional benefits such as the ability to save more for retirement, by being employed with your company.

100% VESTED
Employee contributions are always 100% vested. This is unlike most 401(k)s in which your plan documents can specify that employee contributions are vested in only a portion of the employer-matching contributions until a pre-determined length of service is reached with the company.

NOTE: Please visit www.irs.gov for a complete breakdown of the rules and regulations concerning SIMPLE IRAs. Certain restrictions apply regarding prohibited transactions.

2017 2018
For Tax Year 2018
Employer Contribution Limits Up to 3% of Compensation
($12,500 Maximum)*
Up to 3% of Compensation
($12,500 Maximum)*
Employee Contribution Limit $12,500 $12,500
Employee Catch-Up Contribution
(Over Age 50)
$3,000 $3,000

*Your employer can elect from two different contribution methods. Check with your employer which option they have chosen. Employer contributions are in addition to your elective deferrals.

We do not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with qualified professional(s) licensed in that area. This section of our website is devoted to providing clients and potential clients with educational information. It is in no way intended as tax advice.

Frequently Asked Questions

Here are a few of the most frequently asked questions asked when opening a self-directed account.

How do your fees differ from other custodians who handle traditional & alternative assets?

Provident Trust Group offers a flat-rate annual fee. This differs from many other alternative asset custodians who may increase your annual fee based on an increase in the number of assets you select, value of your assets, or even the purchase of a different asset class.

Most custodians of traditional assets collect fees and/or commissions based off of the amount of trades or recommendations of investment choices.  For our full fee schedule, click here.

Can Provident Trust Group provide tax or legal advice regarding your investment?

No. If you should need tax or legal advice regarding your investment, you may engage a specialized tax law firm to provide the needed advice. Attorney-client privilege would then exist between you and the firm of your choice.

What types of investments are prohibited with retirement accounts?

The IRS does not state which investments are permissible in a qualified account or retirement plan, but they do state specific asset classes that are prohibited.  The IRS currently prohibits IRAs to invest into Life Insurance, Collectibles and S-Corps.  Some examples of collectibles include:

  • Artwork,
  • Rugs,
  • Antiques,
  • Metals – with exceptions for certain kinds of bullion,
  • Gems,
  • Stamps,
  • Coins – (but there are exceptions for certain coins),
  • Alcoholic beverages, and
  • Certain other tangible personal property.

For more information, click here for the IRS Website.

Can my account invest with other partners, including myself?

Yes, your IRA can invest with other partners and yourself individually. However, it is important to consult legal counsel in these situations to observe formalities and rules that may be associated with that investment.

Not Sure What Plan Is Right For You?

Take a minute or two and compare similar plans that may be the right fit for your needs.

The Provident Advantage

Our approach focuses on delivering clear and concise information so you can make well-informed decisions regarding your investments. Our clients rely on our abilities to ensure every administrative and reporting detail is covered and completed on time.

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IRS Required Reporting

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Record Keeping

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IRA & Qualified Plan Administration

R

Transfer Processing

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Alternative Asset Custody

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Rollover Assistance

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Self-Directed Education

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Contribution Processing

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Distribution Processing

Your investment freedom is a click away

OPEN AN ACCOUNT

Our completely electronic application process will have you set up in minutes.

FUND YOUR ACCOUNT

Transfer or Rollover old or non-performing retirement assets.

START INVESTING

Enjoy investment freedom with a truly self-directed retirement account.

Our simple online process makes setup a breeze so you can focus on what matters most – your retirement.

Our 100% web-based process provides easier form completion and clearer view of holdings and transactions that will assist customers in opening new accounts securely and quickly without any physical paperwork. Customers can also complete fund transfers from other custodians, electronically initiate investments, as well as manage multiple accounts with a click of a button.

Do you Have Questions? Let us know!

Existing Clients
(888) 855-9856

Future Clients
(888) 662-0869

WHO WE ARE

With more than 34,000 clients in all 50 states, our elite team of professionals is the premier choice. We offer highly personalized service tailored to your needs, transforming your financial future.

CONTACT US

OUR ADDRESS

8880 W. Sunset Rd.,
Suite 250
Las Vegas, NV 89148

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FAX

(702) 253-7565

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HOURS OF OPERATION

Monday - Friday
6AM - 4PM (PST)
 

EMAIL

info@trustprovident.com

Provident Trust Group, LLC is a BBB Accredited Management Consultant in Las Vegas, NV