What Is A Simple Retirement Plan? 
Simple IRA is actually an acronym for Savings Incentive Match Plan for Employees Individual Retirement Account . It is an employer sponsored plan similar to 401ks , 403b , etc. , but with much lower admin costs . It can be funded with pretax dollars , but is still subject to FICA , FUTA , SUTA . The contribution limits for 2013 are $ 12,000 for those age 50 and younger and $ 14,500 for those older than age 50 . 