A Simple IRA is an explained contribution plan that allows employers to make the same tax-deductible (or pre-tax) contributions for their employees as traditional 401(k) plans, with two crucial differences. First, employees cannot borrow from these accounts unless the employer decides to offer a loan feature. Second, if an employee chooses to leave your company, you cannot immediately transfer the SIMPLE IRA into another account. Typically, you must go your money in the report for two years before changing it into another retirement account.

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