Common use of Can a Savings and Incentive Clause in Contracts

Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional ▇▇▇? (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees, (2) contributions must be made on behalf of all employees of the employer (other than bargaining unit employees) who satisfy certain minimum participation requirements, (3) contributions are made to a special SIMPLE ▇▇▇ that is separate and apart from your other IRAs, (4) if you withdraw from your SIMPLE ▇▇▇ during the two-year period during which you first began participation in the SIMPLE Plan, the early distribution excise tax (if otherwise applicable) is increased to 25%; and (5) during this two-year period, any amount withdrawn may be rolled over tax-free only into another SIMPLE ▇▇▇ (and not to a Traditional ▇▇▇ (that is not a SIMPLE ▇▇▇) or to a ▇▇▇▇ ▇▇▇). It is your responsibility and that of your employer to see that contributions in excess of normal ▇▇▇ limits are made under and in accordance with a valid SIMPLE Plan. If you are at least age 50 before the end of the plan year, you may make additional “catch-up” contributions in the amount of $3,000 for 2015, and $3,000 in 2016. The limits may be adjusted periodically for cost of living increases. Please note that IRS Model 5304-SIMPLE ▇▇▇ and 5305- SA Forms must be provided to any participating SIMPLE- ▇▇▇ Employee.

Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional ▇▇▇IRA? (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees, (2) contributions must be made on behalf of all employees of the employer (other than bargaining unit employees) who satisfy certain minimum participation requirements, (3) contributions are made to a special SIMPLE ▇▇▇ IRA that is separate and apart from your other IRAs, (4) if you withdraw from your SIMPLE ▇▇▇ IRA during the two-year period during which you first began participation in the SIMPLE Plan, the early distribution excise tax (if otherwise applicable) is increased to 25%; and (5) during this two-year period, any amount withdrawn may be rolled over tax-free only into another SIMPLE ▇▇▇ IRA (and not to a Traditional ▇▇▇ IRA (that is not a SIMPLE ▇▇▇IRA) or to a ▇▇▇▇ ▇▇▇). It is your responsibility and that of your employer to see that contributions in excess of normal ▇▇▇ IRA limits are made under and in accordance with a valid SIMPLE Plan. If you are at least age 50 before the end of the plan year, you may make additional “catch-up” contributions in the amount of $3,000 for 2015, and $3,000 in 2016. The limits may be adjusted periodically for cost of living increases. Please note that IRS Model 5304-SIMPLE ▇▇▇ IRA and 5305- SA Forms must be provided to any participating SIMPLE- ▇▇▇ IRA Employee.

Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional ▇▇▇IRA? (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees, (2) contributions must be made on behalf of all employees of the employer (other than bargaining unit employees) who satisfy certain minimum participation requirements, (3) contributions are made to a special SIMPLE ▇▇▇ IRA that is separate and apart from your other IRAs, (4) if you withdraw from your SIMPLE ▇▇▇ IRA during the two-year period during which you first began participation in the SIMPLE Plan, the early distribution excise tax (if otherwise applicable) is increased to 25%; and (5) during this two-year period, any amount withdrawn may be rolled over tax-free only into another SIMPLE ▇▇▇ IRA (and not to a Traditional ▇▇▇ IRA (that is not a SIMPLE ▇▇▇IRA) or to a ▇▇▇▇ ▇▇▇). It is your responsibility and that of your employer to see that contributions in excess of normal ▇▇▇ IRA limits are made under and in accordance with a valid SIMPLE Plan. If you are at least age 50 before the end of the plan year, you may make additional “catch-up” contributions in the amount of $3,000 2,500 for 20152014, and or $3,000 in 20162015. The limits may be adjusted periodically for cost of living increases. Please note that IRS Model 5304-SIMPLE ▇▇▇ IRA and 5305- SA Forms must be provided to any participating SIMPLE- ▇▇▇ IRA Employee.

Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional ▇▇▇? (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees, (2) contributions must be made on behalf of all employees of the employer (other than bargaining unit employees) who satisfy certain minimum participation requirements, (3) contributions are made to a special SIMPLE ▇▇▇ that is separate and apart from your other IRAs, (4) if you withdraw from your SIMPLE ▇▇▇ during the two-year period during which you first began participation in the SIMPLE Plan, the early distribution excise tax (if otherwise applicable) is increased to 25%; and (5) during this two-year period, any amount withdrawn may be rolled over tax-free only into another SIMPLE ▇▇▇ (and not to a Traditional ▇▇▇ (that is not a SIMPLE ▇▇▇) or to a ▇▇▇▇ ▇▇▇). It is your responsibility and that of your employer to see that contributions in excess of normal ▇▇▇ limits are made under and in accordance with a valid SIMPLE Plan. If you are at least age 50 before the end of the plan year, you may make additional “catch-up” contributions in the amount of $3,000 2,500 for 20152014, and or $3,000 in 20162015. The limits may be adjusted periodically for cost of living increases. Please note that IRS Model 5304-SIMPLE ▇▇▇ and 5305- SA Forms must be provided to any participating SIMPLE- ▇▇▇ Employee.