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Mesa Arizona Form 5304-SIMPLE: What You Should Know

A)(1) The plan sponsor agrees to use the income and assets for the purposes specified in paragraphs (f)(2) through (3) of this Section 5704.07 of this chapter except with respect to income that is— (1) Capitalized or Amortized; (2) Amortized to the extent that it does not contribute to investment returns, except as provided in paragraph (b)(6) of this Section 5704.07; (3) Required to be segregated from other assets; (4) Required to be amortized into periodical payments for periods commencing no earlier than the later of the year in which the required period expires, the plan year, at least five years, or the year for which the required period will expire. The income and assets to be used under this paragraph (a)(1) are generally not treated as required to be segregated because there is a risk of asset deterioration resulting from the withdrawal or nonconsumption of assets. Except as provided in paragraph (a)(3)(ii) of this Section 5704.07, the required period may also be varied as set forth in paragraph (b)(3) of this Section 5704.07 ; (5) Depreciated over the useful life of the assets under the plan; (6) Required to be consolidated in a single lump sum or a series of related lump sums; and (7) Required to be used for qualified medical expenses (and any required coverage for services to be provided or made available to the plan members under Medicaid as a dependent of the member and whose income does not exceed the federal poverty level). If a plan does not utilize the first three of the eight required steps mentioned in this paragraph (a)(1) under its own terms and the plan is being offered as an employee welfare benefit plan, the requirement to use the first three of the eight required steps is waived. If a plan, at any time during the plan's life, does not employ the first three of the eight required steps, its plan sponsor must obtain an opinion from the plan's representative, designated by the plan, that it would be in the best interests of the participant (or beneficiaries if the plan's members are not so identified) if the last two of the eight required steps were used. 5702.07(B) (b) (1) In general.

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