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Form 5304-SIMPLE for South Bend Indiana: What You Should Know

The plan must be offered solely by one or more financial institutions whose financial condition has been rated in one of the following bands—excellent, very good, good, acceptable, or bad. The plan must provide adequate tax-qualified and nondeductible matching contributions as required under IRC Sec. 401(a)(15).  It also must establish a procedure that permits participants to transfer the entire account balance to a SIMPLE IRA. The plan may be offered by more than one custodian. Participants must not transfer funds outside the SIMPLE IRA accounts except as authorized by an authorization of the plan's custodian or as allowed by an authorization of the IRS. The authorization of this provision will be reviewed periodically by the IRS. For further information, including how to make an appointment to review the approval of this authorization. Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Form 5304-SIMPLE (Rev. March 2012) Exempt “Exempt” can only refer to plans that are either expressly exempt from federal tax on contributions or that are treated as exempt by IRS regulation. The key factors in determining whether a plan is “exempt” are related only to the facts of the plan and the plan's specific facts and circumstances. Generally, a plan may be exempt if the financial condition of the plan is so poor that it is unlikely to be able to be operated profitably without federal tax benefits. However, it would be a violation of the Internal Revenue Code to operate a plan that is exempt, based on the financial condition of the plan, if the plan is, in fact, operated for profit or the plan's terms could result in the loss to the plan of all or a substantial portion of its assets.

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