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Printable Form 5304-SIMPLE Santa Clarita California: What You Should Know

Payroll Deductions — This plan does not include any payroll deductions. This means that you cannot  pay your employees with  calendar year salary deductions. 2. Retirement Accounts. The SIMPLE IRA Plan shall be subject to the rules and regulations prescribed by the Board of Trustees of the Pension Benefit Guaranty Corporation and by the Commissioner of Internal Revenue. For purposes of this plan, an individual who is an eligible employee shall not be entitled to a SIMPLE IRA contribution until he, she, or it (the “Contributor”) turns age 65. Individuals who receive Social Security benefits for which the maximum annual benefit is at least age 65 (which is the eligibility requirement in the SIMPLE IRA Plan) must enroll in the plan at least 20 days before the year when they turn age 65. You must make contributions to the SIMPLE IRA Plan, subject to the rules and regulations prescribed by the Board of Trustees of the Pension Benefit Guaranty Corporation and by the Commissioner of Internal Revenue: 3. Eligibility Requirements. The Contributed Contribution Must consist of the employee's compensation from an eligible employment, The Contributed Contribution must be in an amount at least equal to 0% of the Contributed Contribution (which is the amount contributed by the Contributed Contribution must be in a retirement account that allows an early withdrawal if the contributor does not remit any income taxable income during the year of the Contribution must in an amount at least equal to 0% of the Contributed Contribution (which is the amount contributed by the contributor before age 25 and after age 70) may not be made in excess of the Contributed Contribution. 4. Plan Conduct Rules. This plan  Must be in compliance with all Internal Revenue Code Sections, Regulations, and Policies In addition, any retirement account which is described in Section 408 of the Internal Revenue Code must be in a “qualified plans” account or must be one in which a maximum of 25% of the amount of its investments must be in “qualified plans” (for example, a SEP or SIMPLE IRA plan.) 5. Matching Requirements. Under the plan, each annual contribution by the Contributed Contribution  Must equal at least .03% of the person's total compensation (which is the amount contributed by the Contributed Contribution must equal at least.

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