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Simple IRA
PLAN SIZE:
Governmental, tax-exempt and for-profit
entities with 100 or fewer eligible employees seeking an alternative to the
401(k) with fewer administrative requirements.
Individuals with self-employment income, earned on a full
or part-time basis.
ELIGIBILITY:
Must include all employees who earn at least $5,000.00 during
any preceding years and can reasonably expect to earn at least $5,000.00 in
the current year.
Employer may set less restrictive eligibility standards.
May exclude certain Union members and/or nonresident
aliens.
FUNDING:
Employer contributions required.
Employee pretax salary deferrals optional.
VESTING:
Participants are immediately 100% vested in
salary deferrals and employer contributions.
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