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Simple IRA

“Our pre-tax contributions allowed us to save more to make retirement easier.”

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Legacy Bank offers a variety of retirement plan options including the SIMPLE IRA. If you're a small business owner, a SIMPLE IRA (Savings Incentive Match Plan for Employees) may be something to consider opening for your employees. A SIMPLE IRA is a retirement program that offers an employee a salary-deferral contribution feature along with a matching employer contribution.  This IRA allows eligible employees to make a pre-tax contribution to their individual plans and defer the taxes on their distribution until the time that it is withdrawn.

SIMPLE IRA's follow the same rules as standard IRA's and may have penalties for early withdrawals.

Who Is eligible:

  • Employers – (no more than 100 employees)
  • Self-employed
  • Sole Proprietors
  • Partnerships

Contact a Legacy Bank customer service representative to visit about retirement plans so that we can customize a program that is best for you.