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Which of the following statements is (are) true? A SEP requires the plan sponsor to provide at least a 100% match up to 3% of all employee deferrals. A SEP plan can be established by employers who employ more than 100 employees who earn $5,000 or more during the preceding calendar year. SIMPLEs can be either contributory or noncontributory plans, whereas newly established SEP plans are always noncontributory. An employer who wants to share the responsibility of retirement plan funding should establish a SIMPLE rather than a SEP.   a. 4 only. b. 2 and 3. c. 1, 2, and 4. d. 2, 3, and 4.

Which of the following statements is (are) true? A SEP requires the plan sponsor to provide at least a 100% match up to 3% of all employee deferrals. A SEP plan can be established by employers who employ more than 100 employees who earn $5,000 or more during the preceding calendar year. SIMPLEs can be either contributory or noncontributory plans, whereas newly established SEP plans are always noncontributory. An employer who wants to share the responsibility of retirement plan funding should establish a SIMPLE rather than a SEP.   a. 4 only. b. 2 and 3. c. 1, 2, and 4. d. 2, 3, and 4.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Which of the following statements is (are) true?

  1. A SEP requires the plan sponsor to provide at least a 100% match up to 3% of all employee deferrals.
  2. A SEP plan can be established by employers who employ more than 100 employees who earn $5,000 or more during the preceding calendar year.
  3. SIMPLEs can be either contributory or noncontributory plans, whereas newly established SEP plans are always noncontributory.
  4. An employer who wants to share the responsibility of retirement plan funding should establish a SIMPLE rather than a SEP.

 

  • a. 4 only.
  • b. 2 and 3.
  • c. 1, 2, and 4.
  • d. 2, 3, and 4.
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