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Form 5305-SIMPLE for Round Rock Texas: What You Should Know
SEP has provisions to provide employees with annual rebates of 4% to 6% for Social Security and 6% of compensation to the account holder based on the number of years of service of the account holder. The plan has a maximum amount (or maximum monthly or annular sum) for which an employer must contribute. The first monthly contribution under the simplified plan is equal to the maximum amount of the monthly pension amount. The first annul of service is the month the account holder completes 1 day of service. It is the employee's responsibility to account for the full amount deducted. Employees may choose to contribute in a lump sum or over time. This plan offers an incentive for employees to develop and maintain a high level of skills and knowledge. As of the date of this prospectus, the plan has about 300,000 participants, and more than half of the participants participate in the full (SEP) plan and have annualized average results. Most SEP participants receive at least 60% of the monthly amount that is payable under the plan and can obtain additional rebates by meeting the required criteria for participation in the plan, which are provided to employees and plan participants by the plan sponsor. A few SEP participants participate in this form of plan if the participant meets the requirements of the plan and contributes in the amount of the benefit. Most SEP participants participate in the Form 5305-SIMPLE (SIMPLE) plan of a participating employer, but do not contribute to the SEP plan if they do not meet the above requirements. (For information about tax implications of the SEP and SIMPLE plans that are offered by the same employer, contact Agency for Management and Budget's Financial Management Division or see the instructions in Form 5305-SIMPLE (Rev. March 2012). Form 5304-SIMPLE Savings incentive Match Plan (MCP) The Form 5304-SIMPLE Savings Incentive Match Plan (MCP) option may be offered (for individuals) if the contributions are made at the same time they are made to a SIMPLE IRA plan (for tax status purposes as explained below), or if the contributions are made at a later date (for example, at the time of distribution). (These plans have fewer benefits because the contribution options are limited and are offered only to employees.
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