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Printable Form 5304-SIMPLE Sacramento California: What You Should Know
Form 5304-SIMPLE — Formal What will happen if I do not take this SIMPLE IRA contribution option? The SIMPLE IRA plan will be terminated if a designated beneficiary's account balance is under 100,000. General Eligibility Requirements If your plan is an employee paid plan, and you do not choose to take the contribution option to the SIMPLE IRA plan, the SIMPLE IRA plan will be terminated unless the plan provides you with the option of the 5,000 annual catches up contribution. If you do not have an account balance of under 100,000, the SIMPLE IRA plan will be terminated. A participant is designated as a designated beneficiary if the plan is established under a plan described in paragraph (a)(2)(i) of § 402A with respect to the participant, and for which an election is made to make the IRA contribution in accordance with § 402A(e)(3)(ii) for that participant. A participant's designated beneficiary is the individual (or people listed on his or her election for the plan, in the case of an individual or two or more related individuals) who is the designated beneficiary under the plan, under § 401(k)(14), for the account in which the participant is the designated beneficiary, or under any SIMPLE IRA Plan established under §§ 409(a)(3)(A) or 419(A) that is designated as an eligible plan for which contribution in accordance with paragraph (a)(2)(i) of § 411(c) is permitted. In general, a SIMPLE IRA may be terminated if any of the following happens: If you choose to make the plan's annual aggregate contribution limit, if the employer's contribution limit is 5,000 (or 17,500 for a participant who is covered by a multiemployer plan), and in accordance with § 408A. If all the following occur in the same calendar year (or, for more information on the termination rules, refer to § 408A.5): the participant's account balance equals or exceeds 100,000 (or, for a participant who is covered by a multiemployer plan, 190,000), and the plan is terminated. If you do not have an account balance exceeding 100,000, even if you choose to make an annual aggregate contribution, you must submit Form 5304-SIMPLE for a plan termination. 5304-SIMPLE (Rev.
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