Common use of SIMPLE XXX Clause in Contracts

SIMPLE XXX. No contributions will be accepted under a SIMPLE XXX 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 XXX plan will be accepted from a SIMPLE XXX, that is, an XXX used in conjunction with a SIMPLE XXX plan, prior to the expiration of the two-year period beginning on the date the employee first participated in that employer’s SIMPLE XXX plan.

SIMPLE XXX. No contributions will be accepted under a SIMPLE XXX plan established by any employer pursuant to Code Section section 408(p). Also, no transfer or rollover of funds attributable to contributions made by a particular employer under its SIMPLE XXX plan will be accepted from a SIMPLE XXX, that is, an XXX used in conjunction with a SIMPLE XXX plan, prior to the expiration of the two2-year period beginning on the date the employee Depositor first participated in that employer’s SIMPLE XXX plan.