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SIMPLE IRA Question


bzorc

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Many years ago a small employer established a SIMPLE IRA plan for its employees, and it has been operating nicely. However, over the past couple of years, the employer has been expanding and adding employees to the extent that they may exceed 100 employees in the next couple of years.

What happens when the employer hits 100 employees? Must the SIMPLE plan cease operations? I have looked through my various answer books and can't seem to find an answer. Thanks for any replies!

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