I am an agricultural business owner who is serious about growing my retirement fund. In profitable years, I would like to contribute much more than the $2,000 I am allowed to put into my IRA. Please tell me about plans that don’t force me to contribute when I don’t have the money; that don’t require large contributions for employees; and have minimal employer reporting requirements.

Have you considered a SIMPLE-IRA? The SIMPLE-IRA, or Savings Incentive Match Plan for Employees-IRA, is a recent tax-deferred retirement plan that’s available to small businesses with 100 or fewer employees. It allows participants to contribute up to $9,000 of earned income to a retirement account for 2004.

You, as employer, may match contributions up to 3 percent of income. Owners and full-time permanent employees are eligible to participate.

Employers don’t contribute for employees that don’t participate.

You can put more into your retirement fund, and employees have the option to participate. Your employer contribution is modest for participating employees. And a SIMPLE requires no annual reporting.

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