RPS Blog

Terminating a SIMPLE Can Be Simple, if Done Right

Posted by Nathan Carlson on Oct 30, 2015 2:26:06 PM

There are many different forms of qualified retirement plans--among them, 401(k), profit sharing, defined benefit, ESOPs, 403(b), SIMPLE IRAs, and SIMPLE 401(k) plans.  One of the unique requirements of SIMPLE IRAs and SIMPLE 401(k) plans is that they must be the sole, exclusive plan of the employer for the entire calendar year.  In other words, an employer sponsoring a SIMPLE IRA or SIMPLE 401(k) cannot, in the same calendar year, also sponsor a regular 401(k) plan or any other qualified retirement plan. 

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Topics: 401(k), SIMPLE IRA, Compliance

Welcome to the RPS Blog!

This blog is dedicated to providing relevant, critical and timely information about retirement plans and ERISA changes. We provide information you need to help you stay compliant, up-to-date with the retirement industry, and ways to maximize your plan's design. The retirement planning industry is constantly changing, in this blog we will keep you ahead of the change, and aware of the impact it might have on your business. 

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