Designated Financial Institution. Your employer may have named us as the designated financial institution (DFI). If we are a DFI, you must maintain your SIMPLE XXX with us to receive your employer's SIMPLE XXX contributions. Our procedures for withdrawal, which is part of your employer's SIMPLE documents, provides you with information on how you can transfer your SIMPLE XXX assets to another custodian or trustee without cost or penalty during the year.
Designated Financial Institution. DFI": In general, under section 408(p), an employer must permit an employee to select the financial institution for the SIMPLE IRA to which the employer will make all contributions on behalf of the employee. In this case, the financial institution is referred to as a "Non-DFI". Alternatively, under section 408(p)(7), an employer may require that all SIMPLE contributions initially be made to a single designated financial institution selected by the employer. In this case, the financial institution is referred to as a "DFI". Refer to your employer's SIMPLE Retirement Plan document to determine if the financial institution is a DFI or a Non- DFI. Use of a Designated Financial Institution "DFI" - If an employer requires that all SIMPLE contributions initially be made to a DFI, the following requirements must be met:
Designated Financial Institution. Your employer may have named governing retirement plans. We are not responsible for any taxes, us as the designated financial institution (DFI). If we are a DFI, you judgments, penalties or expenses incurred in connection with your must maintain your SIMPLE IRA with us to receive your employer's SIMPLE IRA, or any losses that are a result of events beyond our SIMPLE IRA contributions. Our procedures for withdrawal, which is control. We have no responsibility to process transactions until after part of your employer's SIMPLE documents, provides you with we have received appropriate direction and documentation, and we information on how you can transfer your SIMPLE IRA assets to have had a reasonable opportunity to process the transactions. We another custodian or trustee without cost or penalty during the year. are not responsible for interpreting or directing beneficiary
Designated Financial Institution. Your employer may have named governing retirement plans. We are not responsible for any taxes, us as the designated financial institution (DFI). If we are a DFI, you judgments, penalties or expenses incurred in connection with your must maintain your SIMPLE XXX with us to receive your employer's SIMPLE XXX, or any losses that are a result of events beyond our SIMPLE XXX contributions. Our procedures for withdrawal, which is control. We have no responsibility to process transactions until after part of your employer's SIMPLE documents, provides you with we have received appropriate direction and documentation, and we information on how you can transfer your SIMPLE XXX assets to have had a reasonable opportunity to process the transactions. We another custodian or trustee without cost or penalty during the year. are not responsible for interpreting or directing beneficiary
Designated Financial Institution. A designated financial institution is a trustee, custodian, or insurance company (that issues annuity contracts) for the SIMPLE IRA plan that receives all contributions made pursuant to the SIMPLE IRA plan and deposits those contributions to the SIMPLE IRA of each eligible employee.
Designated Financial Institution. ❒ A. The employer will designate the financial institution at which SIMPLE IRAs will be established to receive contributions for eligible employees. A Designated Financial Institution is a trustee, custodian or insurance company that receives all contributions made pursuant to this SIMPLE IRA Plan and deposits those contributions to the SIMPLE IRAs of each eligible employee.
Designated Financial Institution. If this SIMPLE XXX is maintained by a designated financial institution (within the meaning of Code Section 408(p)(7)) under the terms of a SIMPLE XXX Plan of the Participant’s employer, the Participant must be permitted to transfer the Participant’s balance without cost or penalty (within the meaning of Code Section 408(p)(7)) to another XXX of the Participant that is qualified under Code Section 408(a), (b) or (p), or to another eligible retirement plan described in Code Section 402(c)(8)(B).
Designated Financial Institution. If this SIMPLE XXX is maintained by a designated financial institution (within the meaning of section 408(p)(7) of the Code) under the terms of a SIMPLE XXX Plan of your employer, you must be permitted to transfer your balance without cost or penalty (within the meaning of section 408(p)(7) of the Code) to another XXX you maintain that is qualified under section 408(a), (b) or (p) of the Code, or to another eligible retirement plan described in section 402(c)(8)(B) of the Code. Excess Contributions - Any contributions to your SIMPLE XXX that exceed the maximum allowable contributions are excess contributions. Any excess contributions that are not withdrawn or eliminated prior to the due date for filing your federal income tax return (including any extensions) will be subject to a 6% penalty tax under section 4973 of the Code. Tax Credit - Taxpayers earning less than a specified amount will be eligible to receive a tax credit in the amount of 10%, 20%, or 50% (depending on tax return filing status and income) of up to $2,000 in XXX contributions and other elective deferrals. For 2010, the income thresholds are $27,750 (single), $41,625 (head of household), or $55,500 (married filing jointly). The income thresholds will be increased in future years to reflect cost of living increases. The credit is subject to reduction if the individual or the individual’s spouse receives distributions from a qualified retirement plan, governmental 457 plan, or Xxxx XXX during the taxable year in which the credit is claimed or during the two taxable years before the credit is claimed. A taxpayer is only eligible for the credit if the taxpayer is age 18 or over, is not claimed as a dependent on another person’s tax return, and is not a full-time student. If you think you may be eligible for the tax credit, you should consult your tax advisor or refer to the IRS publications and tax form instructions on the credit for more information.
Designated Financial Institution. If we are the designated financial institution for your employer’s SIMPLE IRA plan, as defined in IRC Section 408(p)(7), then you may direct that contributions paid on your behalf be transferred without cost or penalty to another SIMPLE IRA owned by you or to an IRA or other eligible retirement plan described in IRC Section 402(c)(8)(B), provided that you elect such a transfer either before the beginning of the calendar year to which such contribution relates or within the 60-day election period which includes the date you first become eligible to participate in the SIMPLE IRA plan.
