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SIMPLE IRA

Simple IRA is offered through CUNA Brokerage Services, Inc.1, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group.

Check the background of our investment professionals on FINRA's BrokerCheck.

CBSI is under contract with the Credit Union to make securities available to Members.


Savings Incentive Match Plan For Employees (SIMPLE) IRA

If you’re self-employed or a small-business owner, a "savings incentive match plan for employees" IRA is simple way for you and your employees to save for retirement.

Unlike a SEP IRA, both employees and employers can contribute to a SIMPLE IRA. Employees elect to make pre-tax contributions2 from their salary, and the employer matches it. Or, employers can make contributions on employees’ behalf.

As the name implies, a SIMPLE IRA is easier to set up and administer than other employer-sponsored retirement plans such as a 401(k).


How it Works

  • Employees defer pre-tax income into the plan, up to $13,500, or $16,500 if they’re 50 or older.
  • An employer can choose to make either matching contributions, from 1% to 3% of his or her salary, or;
  • Make non-elective contributions of 2% of the employee's salary, no matter what or if the employee contributes.
  • Contributions not made by the IRA deadline may incur fees or require filing an amended tax return.
  • Unlike some other employer-sponsored plans, eligible employees cannot opt out of participating.

How to Qualify

  • Be a business, including a sole proprietor, with fewer than 100 employees.
  • Be an employee who has earned at least $5,000 in pay for any two previous years and at least $5,000 in the current year.

Simple IRA is offered through CUNA Brokerage Services, Inc.1, a broker/dealer focused on serving credit union Members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group. For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.

LET’S TALK

Would you like to learn more?

Set up a meeting with a financial advisor.1

Call 800.462.8328 ext. 4116, Option 2

Monday through Friday, 8 a.m. - 5 p.m.

Email

Contact us by email at investments@schoolsfirstfcu.org

Disclosures
  1. Financial Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America. FR-3556543.1-0421-0523.
  2. Please consult a qualified tax professional for tax advice on your specific circumstances.

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