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It's your responsibility to ensure that you make the correct amount of employer contributions for the eligible employees in your SIMPLE IRA plan.

Failure to make the correct amount of employer contribution is a common mistake.

The required employer contribution is either 2% of an employee's compensation, regardless of whether they made a salary deferral contribution, or a matching contribution equal to an employee's salary deferral contribution -- up to 3% of the employee's compensation.

To avoid mistakes, the plan administrator should be familiar with the terms of the plan document and should make sure that the plan procedures ensure compliance with its terms.