The first step is to decide why you want to choose a SIMPLE IRA. If you opt for a SIMPLE IRA, you will be required to make mandatory retirement contributions to all the eligible employees. It could be either 2% of the employee's salary or a dollar-to-dollar contribution match up to 3% of the employee's salary.
The next step is to choose a plan provider. Some of the key factors you need to consider include annual plan maintenance fee, transaction fee, investment options etc.
Next, you need to file the IRS form, outlining the details of your plan. Now, set up your employees for eligible contributions, and you also need to set up a payroll system that facilitates automatic deductions.
Consult an expert if more information is required.
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