Over the same period, SIMPLE IRA assets invested in mutual funds were up 12%.
Apples with apples
In comparison, over the first six months of 2000,
- the number of SIMPLE IRA plans rose 17%
- the number of participants increased 21%
- SIMPLE IRA assets invested in mutual funds were up 35%.
During 2000 as a whole, data indicate:
- the number of SIMPLE IRA plans increased 34%
- the number of participants rose 36%
- assets increased about 47%.
In addition, SIMPLE IRAs continue to be most popular among very small businesses – most SIMPLE IRA plans having 10 or fewer participants, according to survey results.
Survey respondents were not randomly selected, and therefore the results do not necessarily reflect the characteristics of the typical SIMPLE IRA account invested in mutual funds.
The results represent an estimated 70% of the $8 billion SIMPLE IRA assets invested in mutual funds at the close of 2000.