As an IRA, no plan loans are allowed, and there is no annual IRS reporting required from the employer. Employer contributions can be made to a pooled account, and the employer can maintain investment control over the assets. The income earned on these investments will not be taxable until it is withdrawn. Generally, any distribution is subject to income tax at ordinary rates. This page is intended only to answer general questions about simple plans.
Retirement plans are a complex technical area.
We strongly advise you to contact your personal tax advisor for more information.