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| Subject: Re: S-Type Corp Retirement Plans | Date: 12/16/2004 4:38 PM | |
| Author: Hear2Stay | Number: 10888 of 14793 | |
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"In addition to the employees' salary reduction contributions, you are generally required to match each employee's salary reduction contribution on a dollar-for-dollar basis up to 3% of the employee's compensation. Instead of the matching contribution, you may choose to make nonelective contributions of 2% of the employee's compensation (compensation used for this contribution is limited to $200,000 in 2003, $205,000 in 2004 and subject to cost-of-living adjustments for later years)." So it looks like in addition to the 9k for maximum for employee contributions for SIMPLE-IRAs, the employee can match the contributions up to 3% of the employee's salary. It's not much, but every little bit counts. Random question: You can have both a Roth IRA and a SIMPLE IRA, right? |
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