Discussion:Is SIMPLE IRA OK for a church?

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Discussion Forum Index --> Tax Questions --> Is SIMPLE IRA OK for a church?

RJM (talk|edits) said:

1 December 2008
My church is thinking about shutting down its 403(b) due to the new plan requirements effective 1/1/09. We are thinking about setting up a SIMPLE IRA instead, which will allow employees to invest anywhere they want without any church intervention. We would use the "2% of salary" option for all eligible employees, instead of the "3% match" option. Never heard of a church with a SIMPLE plan, but I can't see any restriction against 503(c) entities having one. Anyone know for sure ?
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