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Printable Form 5305-SIMPLE Santa Clarita California: What You Should Know
Form 5304-SIMPLE and Form 5305-SIMPLE A retirement plan established in Form 5304-SIMPLE must contain: a) two (2) retirement plans: one retirement plan approved by the employer and one retirement plan established within three (3) months after the date of Form 5305 Form 5304-SIMPLE as a retirement plan approved by the employer b) two (2) types of benefits: two (2) types of benefits may be provided under this form of the plan: a) payable to an eligible employee on each of a) the day after the employee becomes eligible to receive these benefits and b) if an employee receives more than 500 in annual salary during the year, the compensation amount is to be determined pursuant to the Internal Revenue Code of 1986, § 411(a) If an employee elects to receive more than 500 in annual salary during the year, the compensation amount is to be determined pursuant to the Internal Revenue Code of 1986, § 411(b). The notice issued by the IRS on October 3, 2012, did not specifically state that the new forms were “adopted.” In fact, the notice specified specifically that the current form of Form 5304-SIMPLE was “adopted as an employee benefit plan” and that it was “no longer considered part of the plan under IRC § 401(a) or 403(b). The notice also stated that the plan did not have a specific name other than the form that had been developed. For Form 5305, employers are required to complete one form and provide one document (which both must list benefits for the plan). In order for the new forms to be considered adopted as an employee benefit plan, they would have required a different type of forms or documents and would have met the new form test. However, there is no specific rule preventing an employer from completing and submitting one Form 5305, as the employer does not have to have a new benefit plan approved for it. Since the IRS is not requiring either Form 5304-SIMPLE or Form 5305 to list the types of benefits that will be provided to the same employee at retirement, it could be that the form could be used instead for retirement plans that provide a broader range of benefits. It would be very unusual to use a form to provide only benefits for which more than two types of employees have been provided access.
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