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Form 5304-SIMPLE online Topeka Kansas: What You Should Know

The “SIMPLE” model provides for the deduction of contributions under certain retirement plans (such as, but not limited to, tax-qualified and non-tax-qualified defined contribution plans in the case of employees of a small business) made to an individual retirement account (IRA) to which matching contributions under a defined contribution plan are not allowed (i.e., contributions to an IRA must be made through the employee's regular wages or compensation or through a salary reduction option under a salary reduction offer). If you have questions about Form 5304-SIMPLE, you can submit them on Form 5304-SIMPLE (Rev. March 2013). Form 5304-SIMPLE was modified to increase the amount of required annual limits on a savings plan which may qualify for the SIMPLE benefit by adding provisions related to matching contributions under the plan; a new SIMPLE savings benefit provision allows a SIMPLE plan to be a Roth IRA under section 408(f)(14) of the Code. Effective Oct. 31, 2013, the IRC requires an employer to provide notice of certain reductions of compensation or to notify, before the employee's last day of employment, the employee of such reduction prior to the reduction of salary in the amount of the employee's salary below the minimum salary level. The notice must describe the type of reduction in compensation, and identify the required minimum salary reduction to take effect and the amount of the reduction in compensation. A Notice of Reduction of Pay shall be provided to an employee who is no longer employed because of termination, or who receives voluntary separation that, in the judgment of the employee representative, was reasonable given the circumstances. Forms 5304-SIMPLE (Rev. March 2012) and 5304-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (Simplified) (Rev. March 2012) may assist employers in determining the appropriate amount or type of SIMPLE retirement plan to establish for their employees. Form 5304-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (Simplified) (Rev.

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