|SEP IRA||SIMPLE IRA|
|Description||Employer-sponsored IRA.||Employer-sponsored IRA. Employee makes salary deferral contributions and employer makes matching contributions.|
|Maximum Annual Contributions||The lesser of 25% of first $305,000 compensation or $61,000.||$14,000 employee salary deferral.
Employer matches employee contributions up to 3% of salary.
|Catch-up Contributions||N/A||Age 50 and over can contribute $3,000|
|Tax-Deductible Contributions||Employer contribution is tax deductible.||Only employer contribution is tax deductible.|
|Rollover or Transfer||Yes||Yes, but only after 2 years of the first contribution.|