SIMPLE IRA Limits Clause Samples
The SIMPLE IRA Limits clause defines the maximum contribution amounts that can be made to a SIMPLE IRA retirement plan within a given year. It typically specifies the annual dollar limits set by the IRS for both employee salary deferrals and employer matching or non-elective contributions. For example, it may state the cap on how much an employee can contribute from their salary and the maximum percentage or amount an employer can match. This clause ensures compliance with federal regulations and prevents over-contribution, thereby protecting both employers and employees from potential tax penalties.
SIMPLE IRA Limits. No contributions will be accepted under a SIMPLE IRA plan established by any employer pursuant to Code Section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction with a SIMPLE IRA plan, prior to the expiration of the two-year period beginning on the date the employee first participated in that employer’s SIMPLE IRA plan.
SIMPLE IRA Limits. No Contribution ▇▇all be allowed into the Contract under a SIMPLE IRA Plan established by any ▇▇ployer pursuant to Code Section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA Plan shall b▇ ▇llowed into the Contract from a SIMPLE IRA prior to the ▇▇piration of the 2-year period beginning on the date the individual Owner first participated in that employer's SIMPLE IRA Plan.
SIMPLE IRA Limits. You cannot contribute to either a Traditional IRA or a ▇▇▇▇ ▇▇▇ under a SIMPLE IRA plan estab- lished by an employer pursuant to Code section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA plan can be made to either a Traditional IRA or a ▇▇▇▇ ▇▇▇ from a SIMPLE IRA prior to the expiration of the 2-year period beginning on the date you first participated in that employer’s SIMPLE IRA plan.
SIMPLE IRA Limits. No Contribution shall be allowed into the Contract under a SIMPLE IRA Plan established by any employer pursuant to Code Section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE IRA Plan shall be allowed into the Contract from a SIMPLE IRA prior to the expiration of the 2-year period beginning on the date the individual Owner first participated in that employer's SIMPLE IRA Plan.