Can a Savings and Incentive Sample Clauses

Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional IRA? A Traditional IRA may also be used in connection with a SIMPLE Plan established by your employer (or by you if you are self-employed). When this is done, the IRA is known as a SIMPLE IRA, although it is similar to a Traditional IRA with the exceptions described below. Under a SIMPLE Plan, you may elect to have your employer make salary reduction contributions to your SIMPLE IRA up to $13,500 in 2020 and $13,500 in 2021. The limits may be adjusted periodically for cost of living increases. In addition, your employer will contribute certain amounts to your SIMPLE IRA, either as a matching contribution to those participants who make salary reduction contributions or as a non-elective contribution to all eligible participants whether or not they make salary reduction contributions. A number of special rules apply to SIMPLE Plans, including (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees,
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Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional XXX? A Traditional XXX may also be used in connection with a SIMPLE Plan established by your employer (or by you if you are self-employed). When this is done, the XXX is known as a SIMPLE XXX, although it is similar to a Traditional XXX with the exceptions described below. Under a SIMPLE Plan, you may elect to have your employer make salary reduction contributions to your SIMPLE XXX up to $13,000 in 2019 and $13,500 in 2020. The limits may be adjusted periodically for cost of living increases. In addition, your employer will contribute certain amounts to your SIMPLE XXX, either as a matching contribution to those participants who make salary reduction contributions or as a non-elective contribution to all eligible participants whether or not they make salary reduction contributions. A number of special rules apply to SIMPLE Plans, including (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees,
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Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional IRA? A Traditional IRA may also be used in connection with a SIMPLE Plan established by your employer (or by you if you are self-employed). When this is done, the IRA is known as a SIMPLE IRA, although it is similar to a Traditional IRA with the exceptions described below. Under a SIMPLE Plan, you may elect to have your employer make salary reduction contributions to your SIMPLE IRA up to $12,000 in 2013 and beyond, potentially subject to COLA increases in $500 increments. In addition, your employer will contribute certain amounts to your SIMPLE IRA, either as a matching contribution to those participants who make salary reduction contributions or as a non-elective contribution to all eligible participants whether or not they make salary reduction contributions. A number of special rules apply to SIMPLE Plans, including (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees,
Sample 1Sample 2
Can a Savings and Incentive. Match Plan for Employees of Small Employers (“SIMPLE”) Be Used in Conjunction with a Traditional IRA? A Traditional IRA may also be used in connection with a SIMPLE Plan established by your employer (or by you if you are self-employed). When this is done, the IRA is known as a SIMPLE IRA, although it is similar to a Traditional IRA with the exceptions described below. Under a SIMPLE Plan, you may elect to have your employer make salary reduction contributions to your SIMPLE IRA up to $15,500 in 2023 and $16,000 in 2024. The limits may be adjusted periodically for cost of living increases. In addition, your employer will contribute certain amounts to your SIMPLE IRA, either as a matching contribution to those participants who make salary reduction contributions or as a non-elective contribution to all eligible participants whether or not they make salary reduction contributions. A number of special rules apply to SIMPLE Plans, including (1) a SIMPLE Plan generally is available only to employers with fewer than 100 employees, (2) contributions must be made on behalf of all employees of the employer (other than bargaining unit employees) who satisfy certain minimum participation requirements, (3) contributions are made to a special SIMPLE IRA that is separate and apart from your other IRAs, (4) if you withdraw from your SIMPLE IRA during the two-year period during which you first began participation in the SIMPLE Plan, the early distribution excise tax (if otherwise applicable) is increased to 25%; and (5) during this two-year period, any amount withdrawn may be rolled over tax- free only into another SIMPLE IRA (and not to a Traditional IRA (that is not a SIMPLE IRA) or to a Xxxx XXX). Rollovers from Traditional IRAs, SEP IRAs, and Qualified Plans are restricted until after 2 years of participation in the SIMPLE IRA Plan. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under and in accordance with a valid SIMPLE Plan. If you are at least age 50 before the end of the plan year, you may make additional “catch-up” contributions in the amount of $3,500 in 2023, and $3,500 in 2024. The limits may be adjusted periodically for cost of living increases. Please note that IRS Model 5304-SIMPLE IRA and 5305-SA Forms must be provided to any participating SIMPLE-IRA Employee.
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Related to Can a Savings and Incentive

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Sick Leave Incentive The City will institute a sick leave incentive based on the usage of the bargaining unit; further, the City will pay each person who qualifies during January of each year. The incentive will be calculated and monitored by the Personnel Department and will be based on the pay periods during a calendar year. The incentive shall be awarded only when the bargaining unit's average sick leave usage is less than the City average and the following conditions are met: When the bargaining unit's sick leave usage is greater than forty (40) hours but less than the City average, the City will pay each member using between zero (0) and sixteen (16) hours of sick leave, eight (8) hours pay and any member using more than sixteen (16) but equal to or less than twenty-four (24) hours, four (4) hours pay. When the bargaining unit's average sick leave usage is equal to or less than forty (40) hours, the City will pay each member who used between zero (0) and sixteen (16) hours, sixteen (16) hours of pay at their current hourly rate. Those members who used more than sixteen (16) but equal to or less than twenty-four (24) hours, will receive eight (8) hours of pay.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Amount of Employer Contribution The Employer Contribution amounts and rules in effect on June 30, 2017 will continue through December 31, 2017.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

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