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DEADLINE: Switching from a SIMPLE IRA plan to a 401k

So here are the numbers for 2015: If a company currently has a SIMPLE IRA plan, the employee can defer up to $12,500/yr., plus an additional $3,000 if they are over age 50. The employer can choose to make a 2% non-elective contribution (more about this at the IRS website ) or match employee contributions, up to 3% of compensationSIMPLE IRA Summary: The absolute maximum combined employer and employee contribution is $31,000   In a variation of a 401k plan, you can defer up to $18,000,  plus an additional $6,000 if you are over age 50. Employers can contribute additional funds, such as matching contributions and profit sharing.401k Summary: The absolute maximum combined employer and employee contribution is $59,000   This can all be fully tax deductible if you wish.   For those that have a SIMPLE IRA plan in place now, and want to switch to a 401k, here are items to consider: ...
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