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North Las Vegas Nevada Form 5304-SIMPLE: What You Should Know

SIMPLE IRA plans for employees. The SIMPLE IRA plan meets the requirements for the Retirement Plans section of  Department of Labor — The Employee Retirement Income Security Act of 1974. If an employee wishes to establish a SIMPLE IRA under this form,  they must follow the instructions with their employer. For the full-time employee. 2. The Eligibility Requirements. The employee must have worked in the US for at least  10 weeks during the month preceding the month of receipt of their notice of the Employee Retirement  Security Act of 1974 election. The election must be made on or before the last day of the month preceding the month of  departure from the service for which the employee was received into eligibility through the plan. Employees in the service for a total of less than a year during the year (other than certain federal employees)  may not make the election. See page 9. Employees who have not made the election will be considered paid on the last day of the month preceding the month  in which they become eligible for IRA contributions because they are no longer covered by the Employee Retirement  Safer Investing (ERICA) legislation. 3. Designation of Employer. The employer for Employees to whom this Form 5304-SIMPLE Plan applies must be a single employer with a  total annual pay of no more than 1 million. A company filing Form 5304-SIMPLE in support of its proposal to provide SIMPLE  IRAs must provide the IRS with all the information in  Form 5304-SIMPLE (Rev. March 2012) — IRS Fees and Expenses The required deduction will not exceed the actual amount of your contributions. There are no annual  fees payable. If you are an eligible member, this means you will have made the maximum contributions in each of the three years at your  current tax rate. To obtain a list of employer contribution limits, consult the IRS Publication 541 ( Individual Retirement Arrangements and Retirement Income Security Act of 1974 — Section 504). If you are an employee making contributions for only part of the year, this can be made in two ways: (1) If you have not made an election, you can elect to have your contributions  deductible for only part of the year.

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