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Little Rock Arkansas Form 5304-SIMPLE: What You Should Know
In certain cases the City may provide matching contributions to employees' defined contribution retirement plans, but the City chooses not to guarantee any contributions. In the absence of matching contributions the Employee is responsible for all other contributions. The Matching Contributions are in addition to the cash contributions listed below. Employee Benefits | City of Little Rock A few simple rules to remember about SIMPLE IRAs: Each employee who has at his or her full-time place of employment an account at an insurer that offers qualified pension products under the Pension Benefit Guaranty Corporation Act of 1974 must enroll in a SIMPLE retirement plan under this Regulation, or a SIMPLE IRA on behalf of his or her employer, including by purchasing such retirement product on an as- required basis. Employee Benefits | City of Little Rock Under Section 404(b) of the Pension Benefit Guaranty Corporation Act of 1974, if a SIMPLE IRA plan, with appropriate investment choices and a suitable investment horizon, meets the minimum requirements for the requirements of the Act, the plan may be provided as an alternative retirement option. See also, the following rules under Section 404(b): A SIMPLE IRA plan may not be used to provide retirement benefits, either directly or through a sponsor, in a manner that is more favorable than, or that the Secretary or the Board believes provides an undue benefit to, the plan participants compared to the contributions of other employees, or to the extent that such plan benefits could be paid with the money of other employees. A SIMPLE IRA plan that provides the same benefit as an employee will not be considered to provide a plan participant with more favorable retirement benefits than the plans provided under this Regulation. A SIMPLE IRA plan that provides more favorable retirement benefits than the plan under this Regulation is not a SIMPLE IRA plan because the contributions are not more favorable than the plan under this Regulation, and the benefits have the same character and extent as the benefits provided under the plans under this Regulation. The investment decisions of a SIMPLE IRA plan will not be determination of the plan's investment choices, investment horizon, investment preferences, or suitability for providing retirement benefits. SIMPLE IRAs with an investment horizon of less than one year may not make a “preferred” investment without first obtaining the approval of the Superintendent. Each employer may designate one or more employees as beneficiaries of an employer-sponsored SIMPLE IRA plan that meets the Act.
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