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Form 5304-SIMPLE for Austin Texas: What You Should Know

The custodian must be willing to do all the work. You should also be sure that your plan's terms allow each plan participant to select his or her own financial institution of choice. You must obtain the consent of your plan's trustee before permitting such a change. Your plan terms can also make your contributions deductible, even if you do not designate the financial institution. You can use Form 5304–SIMPLE to establish a SIMPLE IRA plan for your small business, for employees of a small business, or for employees who are employed by a small business. The following are all examples of ways to establish a SIMPLE IRA plan that satisfies the requirements of this  SIMPLE IRA Plan Document; Form 5304-SIMPLE (Rev. March 2012) The plan was designed solely to provide for tax-advantaged retirement savings for employees in small firms. If the plan is established for an employees' spouse, this spouse should receive a copy of the trust instrument and instructions, and his or her own personal copy of the trust instrument should be given to the plan sponsor to sign. The plan sponsor will be required to sign under penalty of perjury. A copy of the plan document signed with the trust instrument and instructions must be provided to each plan participant. The trust must make its own determinations regarding the eligibility of plan participants based on plan documents and instructions from the plan sponsor. The trust shall not make decisions for a plan participant based on any information about the plan participant, including income, family size or disability status, but must consider all relevant factors, including: The age, position, position-level, race and ethnicity (including gender), political affiliation, religion (including religious affiliation and lack of religious affiliation), sexual orientation and marital, professional, and family relationships between plan participants. The trust shall consider whether the plan participant should meet income requirements (e.g., age 60, income of less than 3,000, or income of 3,000 with no dependents). If it is determined that the plan participant does not meet the income requirement, the trust shall make recommendations to the sponsor. The plan document must describe the trust instrument and the custodian's role with respect therefrom and the plan document must be available to the plan participants. The trust instrument, custodian, and any record keeping requirements for the plan are subject to change by the trustee of the plans in accordance with procedures outlined in the trust instrument.

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