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California online Form 5305-SIMPLE: What You Should Know

The SIMPLE Plan enables Employees of Small Employers (SIMPLE) of more than 50 shareholders to participate in a sustaining and growing savings plan, which enables them to make additional contributions deductions from their personal IRA account or a company retirement account; as an additional participant or recipient, they can continue to save for their current retirement and other retirement needs. TheĀ sustained plan is designed to help employees save as much as possible for their retirement needs while contributing to a retirement saving account. Once the SIMPLE IRA is established, a SIMPLE Retirement Plan is designed to help enable employees of more than 50 shareholders to meet their retirement planning needs by making additional contributions to a sustaining and growing savings account. The SIMPLE Retirement Plan includes the following: a. a defined contributionĀ  plan to be administered by a qualified individual, and b. a defined benefit plan to be administered by a fully vested entity c. one or more savings choices, including the option to take a one-time, one-time lump sum d. a withdrawal rate that provides adequate for current retirement and other retirement needs e. automatic matching funds to provide additional opportunities to save for retirement. The savings choices are: The option to defer or fully fund any additional required retirement funds, such as a traditional IRA or Roth IRA; the automatic annual matching funds; IRA, Roth IRA, or Roth 401(k), to be determined by the IRS when a participant takes a contribution. The option to fully fund the additional required retirement funds when taken as additional participants in a SIMPLE IRA plan. In the year of inception of the SIMPLE IRA plan, an eligible participant in a SIMPLE IRA plan may be eligible for the Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) or the SIMPLE Retirement Plan, subject to the requirements of such plans and any IRS tax withholding obligations. The Savings Incentive Match Plan allows eligible participants in an eligible SIMPLE IRA plan to contribute the contribution limits established under applicable IRS regulations, and to deduct a contribution to the employee's individual retirement plan, or a group defined contribution plan such as an employer's defined benefit plan, from a contribution to this plan; subject to the restrictions and limits of such plans.

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