Great Plains Trust Company
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Investment Options

Great Plains Trust Company offers a SIMPLE IRA using the Buffalo Mutual Funds and Fidelity Advisor Funds. Please contact GPTC at 1-888-529-2776 with any questions or for help setting up a SIMPLE IRA.

SIMPLE IRA
A Saving Incentive Match Plan for Employees or SIMPLE is a retirement plan for employers with 100 employees or less. SIMPLEs can be funded by both employer and employee contributions or possibly by employer contributions only. An employer is required to make tax-deductible contributions to a SIMPLE every year for each eligible participant in the plan, by using one of the following contribution formulas:

  • 3% Match
    Employer matches the amount of the participant’s deferral dollar for dollar up to 3% of their compensation.
  • 2% Non-Elective
    For each eligible participant, the employer must make a contribution of 2% of the participant’s compensation, even if the participant chooses not to defer any money from their paychecks.
  • Match a lower %, but not less than 1%
    An employer can reduce the 3% match, (see option 1), but cannot reduce it below 1% and can only reduce it for 2 years out of a 5 year period that ends with and includes the year for which the reduction is effective.


The maximum employee deferral is $10,500 (2008). Participants who are 50 or older may contribute an additional $2,500 (2008) for a total deferral of $13,000 (2008). All employer contributions and employee deferrals are 100% vested.
 
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