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Traditional and Simple WITHDRAWAL Authorization term IRA will be used below to mean Traditional IRA and SIMPLE IRA, unless otherwise specified. Refer to page 3 for reporting information and the attached
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A SIMPLE (Savings Incentive Match Plan for Employees) is a type of retirement plan that small businesses can set up to provide their employees with a way to save for retirement.
Employers that offer a SIMPLE plan are required to file Form 5500 to report information about the plan to the federal government.
To fill out a SIMPLE plan, employers need to complete the necessary forms while ensuring they meet the eligibility requirements and contribution limits set for the plan.
The purpose of a SIMPLE plan is to encourage small business employees to save for retirement through easy-to-administer contributions.
Information that must be reported includes participant contributions, employer matching contributions, and plan expenses.
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