Each year the IRS requires companies that offer a Simple IRA Plan to notify all eligible employees of their right to make or modify a salary reduction election for the upcoming year.  Employees are eligible to participate in the Plan if they have been employed here at least 90 days in a full-time capacity. The Plan offers a company match of up to 3% or your salary.

The Simple IRA contribution limits will increase to $16,000 for 2024.  You will be able to make standard contributions up to $16,000 annually which equals $666.66 per paycheck.  Those of you who will be age 50 or over by 12/31/2022 can also make “catch-up contributions” of up to $3,500 annually or an additional $145.83 per paycheck.

If you are interested in adjusting your current contribution, please fill out this form and return it to me by Wednesday, January 3, 2024.  You do NOT need to return this form if you are not making any changes.

If you are eligible to participate but are not yet enrolled, you should see me so we can get you signed up!

Let me know if you have any questions.

Tina