A Savings Incentive Match Plan for Employees IRA, commonly called a SIMPLE IRA, is a retirement plan designed for small businesses and their employees. It helps workers save for the future through payroll deductions, and employers are required to contribute as well—either by matching what employees put in or by making contributions for all eligible employees. SIMPLE IRAs are easier to set up and manage than traditional 401k plans, making them a practical choice for companies with fewer resources. While they may have lower contribution limits and fewer customization options, they still offer tax advantages and long-term growth potential for retirement savings.