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What is Savings Incentive Match Plan For Employees?

Definition of Savings Incentive Match Plan For Employees

A tax-deferred retirement savings plan similar to a conventional 401(k) plan,redesigned with specific rules to meet the needs of small employers. The Small BusinessJob Protection Act of 1996 created these plans for companies with fewer than 100employees. An employee's contributions are indexed for inflation, and employers mustmake annual annual matching contributions.
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