Which of the following rules apply to either a SIMPLE IRA or a SIMPLE 401(k)...

80.2K

Verified Solution

Question

Accounting

Which of the following rules apply to either a SIMPLE IRA or a SIMPLE 401(k) plan? (A) The employer must make either matching contributions or an annual non-elective contribution for all eligible employees, even if they deferred nothing. (B) Employers who elect to make matching contributions may reduce the elected percentage with reasonable notice to the employee-participants. (C) The plan is subject to annual testing for discrimination (D) The plan is subject to the same top-heavy rules that apply to qualified plans

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students