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Printable Form 5305-SIMPLE Broward Florida: What You Should Know

Cynthia's  Savings Incentive Match Plan is designed to ensure that employees receive an adequate amount of money towards their retirement, even if their employers only offer a limited number of plans. This plan provides greater flexibility for employees than 401(k)s, and will protect employees against over-the-top plan management fees. Cynthia's Match Plan is flexible enough to include an employer contribution, along with employees' employer matching contributions. You can decide how you want to set your contribution amounts, and how you want to handle early distributions, with Cynthia's Match Plan. You can even rollover from one annuity plan to another, or receive a monthly check from Cynthia's Match as a lump sum.  What is a SIMPLE IRA?  A SIMPLE IRA (Single Tax-Exempt Distribution Plan) offers employee savings in an easy-to-understand format. In fact, the simple form provides the employee with everything they need to make an IRA contribution, a lump sum distribution, withdraw the tax deferred money, and receive a monthly check from Cynthia's Match as a monthly benefit.  The advantages of a SIMPLE IRA plan are simple: Employee contributions are tax-deductible and employees can withdraw money at any time, at no cost. No restrictions apply for the tax-deferred balance, so it allows you and the employer to set the amount you will want to keep in the account. There are no withdrawal rights after the employee reaches the age of 59-1/2. There is no income ceiling for contributions. The tax-free withdrawal amount can be taken at any time before or after the annual contribution window. There is no required minimum balance. For a detailed discussion of the SIMPLE IRA and how it can be structured for your business, see What is a SIMPLE (Savings Incentive Match Plan for Employees of Small Employers) IRA plan.  A Simplified Employee Retirement Income Security Act (ERICA) Plan? There are two main types of IRAs. The most common type is a “SIMPLE” IRA (Single Tax-Exempt Distribution Plan) which can pay out as an annual payment; or pay out upon a later date, depending on whether an employer is underage 59-1/2, or not.

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