In the gray area between IRAs and qualified plans (employer-sponsored retirement plans that qualify for special tax treatment) are SIMPLE plans (retirement plans that are commonly offered by companies with no more than 100 employees). Sometimes SIMPLE plans follow the IRA rules and sometimes they follow the qualified plan rules. This confusion about which rules a SIMPLE plan adheres to might be what makes moving forward with it a scary prospect for employers.
Today, we are going to do our best to simplify the SIMPLE plans