SIMPLE IRA Plan Features | ||||||||||
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Employee & Employer | |||||||||
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3% Match Contribution*, or 2% Nonelective |
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October 1 (for current-year plan) | |||||||||
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Participant-Controlled SIMPLE IRAs | |||||||||
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✘ Withdrawal Restrictions ✘ Vesting ✘ Plan Loans |
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*3% matching contribution may be reduced to as low as 1%, but the reduced matching contribution option may only be used during two years out of any five-year period. |