| Publication 590 |
2000 Tax Year |
Chapter 5
Savings Incentive Match Plans for Employees (SIMPLE)
This chapter is for employees who need information about savings
incentive match plans for employees (SIMPLE plans). It explains what a
SIMPLE plan is, contributions to a SIMPLE plan, and distributions from
a SIMPLE plan.
Under a SIMPLE plan, SIMPLE retirement accounts for participating
employees can be set up either as:
- Part of a 401(k) plan, or
- A plan using IRAs (SIMPLE IRA).
This chapter only discusses the SIMPLE plan rules that relate
to SIMPLE IRAs. See Publication 560
for information on any special
rules for SIMPLE plans that do not use IRAs.
If your employer maintains a SIMPLE plan, you must be notified, in
writing, that you can choose the financial institution that will serve
as trustee for your SIMPLE IRA and that you can roll over or transfer
your SIMPLE IRA to another financial institution. See Rollovers
and Transfers Exception, later.
What Is a SIMPLE Plan?
How Are Contributions Made?
How Much Can Be Contributed on My Behalf?
When Can I Withdraw or Use Assets?
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