Asked by jayden pineda on May 10, 2024
Verified
SIMPLE and SEP plans are subject to the same nondiscrimination rules that apply to other retirement plans.
SIMPLE
An acronym for Savings Incentive Match Plan for Employees, a type of retirement savings plan that allows employees and employers to contribute to traditional IRAs set up for employees.
SEP Plans
Simplified Employee Pension (SEP) plans are retirement accounts that allow employers to make contributions towards their own and their employees' retirement savings.
Nondiscrimination Rules
These are regulations ensuring that certain benefits, rights, and programs are equally available to all members of an organization or society, without biased treatment based on race, gender, disability, etc.
- Understand the regulations and obligations necessary to sustain qualified status in pension and profit-sharing schemes.
Verified Answer
Learning Objectives
- Understand the regulations and obligations necessary to sustain qualified status in pension and profit-sharing schemes.
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