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King Washington Form 5305-SIMPLE: What You Should Know
A savings plan is one of many types of retirement saving plans. It can be used to save for retirement or to save for income or for other purposes. The types of plans vary by type of employer. Plans that are available include 401(k) plans, 403(b) plans, an employee stock ownership plan (ESOP) or a profit and loss account. To learn more, see How To Find Your Benefits Plan This form is often referred to as a qualified plan. It is not a required retirement plan, although employer contributions, if any, are expected to be made during a period for which the plan's rules apply. Form 5305-SIMPLE (Rev. March 2012). For tax years beginning after December 31, 2007. These forms contain an option that an individual is eligible to elect to be in the SIMPLE program. You should refer to IRS Publication 401(k) and Form 5304-SIMPLE (Rev. December 2005). For tax years beginning after December 31, 2015. SIMPLE IRAs include both investment and non-investment versions. An investment SIMPLE IRA is one that invests the employee's own money but, unlike a traditional IRA, does not invest money in financial or insurance company stock. An insurance SIMPLE IRA is one that invests the employee's own money in a plan whose objective is to provide benefits to its members regardless of the investment decisions of the plan's officers. This report is based on Form 5305-SIMPLE. Incentive Match Plan for Employees of Small Employers (SIMPLE) (Rev. August 2005) Incentive Match is another name for profit sharing, which generally means the employee contributes up to the annual salary levels for the plan, and the employer contributes up to the compensation levels for the plan, plus an additional amount. In many employer plans, a company employee is entitled to a profit sharing award based on the company's share of total employees. A SIMPLE plan is a defined contribution plan. In contrast to a defined benefit plan, in a defined contribution plan the employer and employee have negotiated an agreement that establishes the limits for contributions each party plans to make to the plan. In contrast, a SIMPLE plan is a defined benefit plan. A SIMPLE plan is not subject to a minimum percentage of employees required to contribute. The SIMPLE plan provides incentives for participants to participate.
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