SIMPLE IRA Plan definition

SIMPLE IRA Plan means a plan intended to satisfy the requirements of § 408(p).
Sample 1Sample 2Sample 3
SIMPLE IRA Plan or “SIMPLE Plan” or “Prototype Plan” or “Plan” shall mean the Sponsoring Organization’s Prototype Plan consisting of this Plan Agreement and the Adoption Agreement, as completed and executed by the Employer, together with any and all amendments and supplements hereto. The records of the Plan shall be maintained on a proprietary system of the Custodian or one of its affiliates.
Sample 1Sample 2Sample 3
SIMPLE IRA Plan means the SIMPLE IRA plan sponsored by the Seller and maintained by American Funds.
Sample 1

Examples of SIMPLE IRA Plan in a sentence

  • Rollovers from Traditional IRAs, SEP IRAs, and Qualified Plans are restricted until after 2 years of participation in the SIMPLE IRA Plan.

  • The letter to the Service should be designated “VCP”, “VCO”, “VCS”, “VCT”, “VCSEP”, or “VCGroup”, as appropriate,indicate in the upper right hand corner of the letter the type of plan submitted under VCP, a Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan.

  • A Plan that is corrected through VCP will be treated as subject to all of the requirements and provisions of § 401(a) for a Qualified Plan, § 403(b) for a 403(b) Plan,and § 408(k) for a SEP, and § 408(p) for a SIMPLE IRA Plan (including Code provisions relating to rollovers).

  • In the case of a SEP and a SIMPLE IRA Plan, submit the entire plan document.

  • In the case of a Qualified Plan, a SEP or a SIMPLE IRA Plan with an Operational Failure, correction is determined taking into account the terms of the plan at the time of the failure.

  • In addition, the Plan Sponsor must inform affected participants that the distribution of an Excess Amount is not eligible for favorable tax treatment accorded to distributions from a SEP or a SIMPLE IRA Plan (and, specifically, is not eligible for tax-free rollover).

  • Thus, for example, if the Plan Sponsor corrects the failures in accordance with the requirements of this revenue procedure, the SEP will be treated as satisfying § 408(k) and the SIMPLE IRA Plan will be treated as satisfying § 408(p), for purposes of applying § 3121(a)(5) (FICA taxes) and § 3306(b)(5) (FUTA taxes).

  • If the total Excess Amount in a SEP or SIMPLE IRA Plan, whether attributable to elective deferrals or employer contributions, is $100 or less, the Plan Sponsor is not required to distribute the Excess Amount and the special fee described in section 12.05(2) will not apply.

  • The Plan Sponsor should correct undercontributions to a SEP or a SIMPLE IRA Plan by contributing make-up amounts that are fully vested, adjusted for earnings credited from the date of the failure to the date of correction.

  • An Eligible Organization may submit a VCP request for a Qualified Plan or a 403(b) Plan under the VCGroup procedurePlan, a 403(b) Plan, a SEP, or a SIMPLE IRA Plan under a Group Submission for Operational and Plan DocumentFailures under this subsection and may not submit an application under VCO, VCS, or VCT.Failures.

Related to SIMPLE IRA Plan

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • Single Employer Plan any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.

  • Multiple employer welfare arrangement means a multiple employer welfare arrangement

  • Multi-employer Plan means a "multi-employer plan" as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding six (6) years contributed to by the Borrower or any ERISA Affiliate.

  • Multiple Employer Plan means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Canadian Benefit Plan means any plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing material employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Borrower has any liability with respect to any employee or former employee, but excluding any Canadian Pension Plans.

  • Plan means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

  • Employer Contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Canadian Benefit Plans means all material employee benefit plans of any nature or kind whatsoever that are not Canadian Pension Plans and are maintained or contributed to by any Credit Party having employees in Canada.

  • Benefit Plan means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Company Benefit Plan has the meaning specified in Section 4.13(a).

  • Cafeteria plan means a written plan under which all participants are employees, and the participants may choose among two or more benefits consisting of cash and qualified benefits.

  • Erroneously Awarded Compensation means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.