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Our Tax Deferred Retirement Plan :
Summit Medical Staffing is proud to offer this great tax deferred retirement plan called the SIMPLE IRA. With our SIMPLE IRA employees are permitted to make salary deferral contributions to the plan with a 3% match from Summit Medical Staffing. A SIMPLE IRA is similar to a 401K, however, we feel that there are some advantages to going with the SIMPLE IRA.
The biggest advantage our Retirement Savings Plan offer is, that once you become eligible to begin using the SIMPLE IRA you are 100% vested! What does that mean? With a traditional 401K, employers will put a vesting schedule together that says that in order to receive the full employer contribution, you have to stay employed for a period of 2 years (or whatever they decide) With the SIMPLE IRA whatever we match, you get that money and it stays in your IRA the day it goes into the account. Here are just a few more advantages to the SIMPLE IRA:
Salary Deferral: 100% of eligible compensation up to a maximum of $12,000.
Matching: 100% up to 3% of eligible compensation, up to a maximum of $12,000.
For 2013, participants who have attained the age of 50 may contribute an additional $2,500 as a catch-up contribution. For subsequent years, the catch up contribution amount is indexed for inflation.
You are eligible for the SIMPLE IRA after your first 13 Week assignment or 90 days.
Distributions from a SIMPLE IRA generally are included as income for the year received. Withdrawals prior to age 59½ may be subject to a 10% additional tax. However, the additional tax is increased to 25% if the funds are withdrawn within two years of beginning participation.
The deadline to establish a SIMPLE IRA is October 1 in the year for which the SIMPLE plan is to be effective. In addition, there is a requirement to provide a summary description of the SIMPLE IRA plan at least 60 days prior to the beginning of the plan year (usually November 1).
How to Establish a SIMPLE IRA with Summit Medical Staffing
Request the required paperwork to establish a SIMPLE IRA from your Career Representative.
Summit Medical Staffing will complete the Adoption Agreement and the Participation Notice & Summary Description.
The Participation Notice will be distributed to you the employee covered by the plan.
Each employee must complete a SIMPLE IRA Application and Salary Deferral Agreement.
All paperwork should be returned to your Career Representative.