Common use of PARTICIPATION IN ANOTHER PLAN Clause in Contracts

PARTICIPATION IN ANOTHER PLAN. An eligible employee may participate in an employer’s SIMPLE Plan, even if he or she also participates in a plan ELIGIBLE EMPLOYERS: SIMPLE plans may be established by employers (in- cluding tax-exempt employers and governmental entities) that had no more than 100 employees who earned $5,000 or more in compensation during the preceding calendar year. For purposes of the 100-employee limitation, all employees employed at any time during the calendar year are taken SIMPLE PLAN CONTRIBUTIONS: Elective Deferrals (Salary Reduction Contributions)—A salary reduction contribution is a contribution made pursuant to an employee’s election to have an amount contributed to his or her SIMPLE IRA, rather than have the amount paid directly to the employee in cash. An eligible employee must Catch-up Contributions—Beginning for 2002, if an individual has attained the age of 50 before the close of the taxable year for which an annual contribution is being made and meets the other eligibility requirements for making salary reduction SIMPLE IRA contributions, the annual SIMPLE IRA deferral limit for that individual would be increased for 2015 through 2017 by $3,000, to $15,500. The additional catch-up amount for SIMPLE IRAs