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A SIMPLE IRA Plan (Savings Incentive Match Plan for Employees) is a simplified retirement plan for small and growing businesses. A SIMPLE IRA Plan allows you to provide a retirement program for yourself and your employees without the administrative expense, government reporting requirements, and complexity associated with other types of retirement plans.

Who can establish a SIMPLE IRA Plan?

A SIMPLE IRA Plan is available to any business that:
  • is a sole proprietorship, partnership, corporation, or tax-exempt organization,
  • employs 100 or fewer employees who each received at least $5,000 in compensation from the company during the previous year, and
  • does not currently maintain another company-sponsored plan (e.g., SEP, SAR-SEP, Profit Sharing, 401(k), etc.)

Why provide a SIMPLE IRA Plan?

  • Easy to Establish, Simple to Maintain

    We provide all the necessary documents and enrollment materials you need to make offering a retirement plan as streamlined and convenient as possible. Also, 5500 Series form reporting is not required. You simply take a deduction on your business tax return for the contributions to your employees’ SIMPLE IRA accounts.
  • Reduce Your Current Year Taxes

    Contributions to a SIMPLE IRA Plan are considered a business expense and are tax-deductible for you, the employer.
  • Tax-Favored Contributions

    Each employee’s taxable income is reduced by the amount of his or her salary deferral contributions. Your employees do not pay income taxes on contributions until they begin to withdraw money from the plan, usually at retirement. This means that their investment can accumulate more quickly than in a taxable investment vehicle.
  • Retirement Planning Control

    The money contributed to a SIMPLE IRA Plan, as well as the investment earnings, are 100% vested. This means that you and your employees will always have complete control over your own retirement accounts. This provides additional retirement savings power.
  • Low-Cost

    With a SIMPLE IRA Plan, there is no setup fee to establish your plan. There is an annual $10 maintenance fee for each SIMPLE IRA account. This fee is waived for accounts with balances over $10,000.


If you are ready to establish a SIMPLE IRA account, visit our Instructions for Establishing a SIMPLE IRA page, or call us at 1-800-359-3379.
  • Not FDIC Insured
  • No Bank Guarantee
  • May Lose Value

Wells Fargo Advantage Funds

  • Individual Investors · 1-800-359-3379
  • Investment Professionals · 1-888-877-9275
  • Institutional Sales Professionals · 1-866-765-0778

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