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:
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
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...
Sample 1Sample 2
Simple Iras. In 2022, employee elective deferrals may not exceed the lesser of 100% of your compensation for the calendar year or $14,000, 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.
Sample 1
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...
Sample 1
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
Sample 1

Related to Simple Iras

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

  • Stock Ownership Attached hereto as Schedule 8 is a true and correct list of all the duly authorized, issued and outstanding stock of each Subsidiary and the record and beneficial owners of such stock. Also set forth on Schedule 8 is each equity Investment of the Borrower and each Subsidiary that represents 50% or less of the equity of the entity in which such investment was made.

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • No Interest on Contributions No Partner shall be entitled to interest on its Capital Contribution.

  • No Requirement of Matched Funding Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Tax Returns and Payments; Pension Contributions Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.

Time is Money Join Law Insider Premium to draft better contracts faster.