Primark Benefits
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Retirement Plan Relationship Manager â DB or DC Focus Trinity Pension Consultants
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Senior Defined Contribution Account Manager Nova 401(k) Associates
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MGKS
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Hessel & Associates, LLC
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401(k) Retirement Plan Administrator Midwest TPA with Remote Workforce
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Hicks Pension Services
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Manager - Defined Contribution Plans M2B Retirement Consulting LLC
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United Benefit Pensions Inc.
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Jocelyn Pension Consulting
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CMC Pension Professionals
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Loren D. Stark Company
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Director of Pension Administration Primark Benefits
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Loren D. Stark Company
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Retirement, LLC
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EPIC RPS
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Aimpoint Pension
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Site Manager / Senior Administrator Nicholas Pension Consultants
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Question 50: A client of mine is being told by a salesman that a "SIMPLE IRA" plan can be sponsored by one of my client's corporations even though it would cover only the employees of that corporation, not others under common control. If the common control rules apply, the group has too many employees to be eligible to sponsor a SIMPLE IRA plan. The salesman says the rules have changed. Is that right? |
Answer: You are wise to question what the salesman is telling you. The rules are quite specific and have not changed on this point. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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