Retirement Account Rules Have Changed If You Are A Small Business Owner, Rules For Retirement Accounts In 1997 Have Changed. The Passage Of The Small Business Job Protection Act Of 1996 Created A Significant New Individual Retirement Account (ira). The Savings Incentive Match Plan (simple) Ira Is A Retirement Plan Designed To Help Employees Working For Smaller Businesses Save For Retirement On A Tax-favored Basis, While Allowing Employers Current-year Tax Deductions.