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SECURE 2.0 Allows for Mid-Year Termination of SIMPLE IRAs
Ascensus Link to more items from this source
[Guidance Overview]
Mar. 20, 2024

"For plan years beginning after December 31, 2023, employers may terminate a SIMPLE IRA plan at any time during a calendar year and replace it with a safe harbor section 401(k) plan. Notice 2024-02 clarifies that the establishment of a safe harbor 401(k) plan is considered an exception to the SIMPLE IRA exclusive plan rule. The effective date of the safe harbor plan must be the day after the termination date of the SIMPLE IRA plan."

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