Simple Iras Sample Clauses

Simple Iras. Section 1.6 of the Agreement is hereby amended by deleting sub-section 1.6 (b) in its entirety and replacing it with the following new sub-section:
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Simple Iras. Although a SIMPLE IRA is a type of Traditional IRA, special rules apply to rollovers to and from SIMPLE IRAs. In general, you may not roll over amounts from any other IRAs or eligible employer plans into a SIMPLE IRA and you may not roll over your SIMPLE IRA into another Traditional IRA or qualified employer- sponsored retirement plan during the two-year period beginning on the first day contributions are made by your employer to your SIMPLE IRA. Refer to your SIMPLE IRA plan information for rules regarding rollovers to and from SIMPLE IRAs. Employer Plan to Traditional IRA You may roll over all or part of an “eligible rollover distribution,” as described in the Code, from an eligible employer plan (other than a designated Xxxx account), to a Traditional IRA (or a Rollover IRA). Distributions of after-tax contributions also may be eligible for rollover to Traditional IRAs. If you roll over after-tax contributions, you must keep track of those amounts and report them to the IRS as required by IRS rules. The administrator of the eligible employer plan must give you an explanation of your rollover options and the tax rules that affect your distribution. The rollover may be accomplished by a “direct rollover” or an “indirect rollover.” In a direct rollover, the plan issues the distribution directly to the custodian or trustee of the Traditional IRA. In an indirect rollover, the plan pays the distribution to you. You must then roll over the distribution to your Traditional IRA within 60 days. A rollover of assets from an eligible employer plan also may be accomplished by selling the assets distributed and rolling over the sale proceeds (within 60 days of the distribution date). If you roll over the entire sales proceeds, you will not include any gains or losses in your gross income. Rollover IRA as “Conduit” IRA If you were born on or before January 1, 1936, keeping any rollover contribution that you make from your employer’s plan to a Rollover IRA, separate from all other contributions, may allow you to preserve special tax treatment (such as 10-year averaging) in the event that you roll that amount to another employer’s plan and later take a distribution. This type of Rollover IRA, used as a holding account for a rollover to another employer’s plan, is referred to as a “conduit” IRA. Even if you were not born on or before January 1, 1936, a separate Rollover IRA may help you to keep track of different money sources (such as deductible and nondeductible contri...
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Simple Iras. In 2020, employee elective deferrals may not exceed the lesser of 100% of your compensation for the calendar year or $13,500, with possible cost-of-living adjustments each year thereafter. Your employer may make additional contributions to your SIMPLE XXX within the limits prescribed in Internal Revenue Code Section (IRC Sec.) 408(p). Your employer is required to provide you with information that describes the terms of its SIMPLE XXX plan. “Catch Up” Contributions Subject to the limitations described above, if you are age 50 or older by the close of the taxable year, you may make an additional “catch up” contribution of up to $1,000 to your Traditional or Xxxx IRAs and up to $3,000 to your SIMPLE XXX. These amounts may be adjusted by the IRS for cost of living increases.
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Simple Iras. Effective after December 18, 2015, you may roll over your accounts from an employer-sponsored retirement plan (401(a), 403(a), 403(b), or governmental 457(b) plan), Traditional IRA, or SEP IRA to a SIMPLE IRA, provided you have met the two-year initial participation period. Rollovers from Xxxx IRAs to SIMPLE IRAs are still not permitted. 2015 AMENDMENT TO THE XXXXXXX XXXXX & ASSOCIATES, INC. TRADITIONAL, XXXX AND SIMPLE INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT DISCLOSURE STATEMENTS As custodian of your individual retirement account (IRA), Xxxxxxx Xxxxx & Associates, Inc. (Xxxxxxx Xxxxx) is amending the Xxxxxxx Xxxxx & Associates Traditional, Xxxx and SIMPLE individual retirement custodial account disclosure statement(s) as shown below. The amendment is necessary to comply with the provisions of section 408(a) of the Internal Revenue Code and will be effective on January 1, 2015. Pursuant to the terms and conditions of your IRA Account Application & Agreement to Participate you shall be deemed to have consented to this amendment as of January 1, 2015, and your continued use of your IRA after your receipt of this notice further affirms your consent to these changes. The “12-Month Restriction” disclosure of the ROLLOVER CONTRIBUTIONS TO AND FROM IRAS, QUALIFIED ROLLOVER AND CONVERSION CONTRIBUTIONS and ROLLOVER CONTRIBUTIONS TO AND FROM SIMPLE IRAS section of the Xxxxxxx Xxxxx & Associates, Inc. Traditional, Xxxx and SIMPLE Individual Retirement Account Disclosure Statements, respectively, is being amended to and replaced in its entirety by the following: 12-Month Restriction: IRA distributions may not be rolled over to another IRA more than once in a 12-month period. The 12-month period begins on the date you receive an IRA distribution that you roll over, not on the date you actually roll it over. Previously, the IRS interpreted this limitation as applying on an IRA-by-IRA basis, meaning a rollover from one IRA to another would not affect a rollover involving other IRAs of the same individual. However, a 2014 Tax Court opinion entitled Xxxxxx v. Commissioner held that you cannot make a non-taxable rollover from one IRA to another if you have already made a rollover from any of your IRAs in the preceding 1-year period. The IRS announced that it will follow the Tax Court’s interpretation of the law starting with distributions occurring on or after January 1, 2015. This means that an individual receiving an IRA distribution on or after January 1, 2015, cannot r...
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Simple Iras. The only contributions that may be made to your SIMPLE XXX are employee elective deferrals under a qualified salary reduction agreement, employer contributions, and other contributions allowed by the Internal Revenue Code (the “Code” or “IRC”) or related regulations, that are made under a SIMPLE XXX plan maintained by your employer. Contribution Limits
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Related to Simple Iras

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