Statements (52)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:urban_area
|
| gptkbp:administrative_requirements |
less complex than 401(k) plans
|
| gptkbp:beneficiary |
allows designation of beneficiaries
|
| gptkbp:catch-up_contribution_limit |
$3,000
|
| gptkbp:consequences |
contributions are tax-deductible for employers
withdrawals are taxed as ordinary income |
| gptkbp:contribution_frequency |
contributions can be made regularly or as a lump sum
|
| gptkbp:eligibility |
employees expected to earn $5,000 in the current year
employees who earned $5,000 or more in any two preceding years |
| gptkbp:eligible_employers |
businesses with 100 or fewer employees
|
| gptkbp:employee_participation |
requires employee participation to be effective
|
| gptkbp:employer_responsibilities |
must match contributions or make non-elective contributions
|
| gptkbp:established_in |
gptkb:Small_Business_Job_Protection_Act_of_1996
|
| gptkbp:financials |
important for understanding contributions and withdrawals
|
| gptkbp:funding |
employer contributions
employee contributions $13,500 can be funded through direct contributions can be funded through payroll deductions |
| gptkbp:future_goals |
helps achieve long-term financial goals
|
| https://www.w3.org/2000/01/rdf-schema#label |
SIMPLE IRA
|
| gptkbp:installation |
must notify employees about the plan
requires written agreement |
| gptkbp:investment |
stocks
mutual funds bonds |
| gptkbp:investment_control |
employees have control over their investments
|
| gptkbp:irs_guidelines |
subject to IRS regulations
|
| gptkbp:is_compared_to |
less expensive to administer than 401(k) plans
simpler than 401(k) plans |
| gptkbp:matching_contribution |
up to 3% of employee's salary
|
| gptkbp:mentor |
often recommended for setup and management
|
| gptkbp:non-elective_contribution |
2% of employee's salary
|
| gptkbp:plan_administration |
generally managed by financial institutions
|
| gptkbp:plan_termination |
can be terminated by the employer
must notify employees of termination |
| gptkbp:record |
requires record keeping for contributions and withdrawals
|
| gptkbp:regulatory_compliance |
may vary by state
|
| gptkbp:required_minimum_distributions |
begin at age 72
|
| gptkbp:retirement_savings |
encourages saving for retirement
|
| gptkbp:retirement_year |
designed for retirement savings
|
| gptkbp:rollover_options |
can be rolled over to other IRAs
|
| gptkbp:transfer_rules |
can transfer to a Roth IRA
can transfer to a traditional IRA can transfer to another SIMPLE IRA |
| gptkbp:type |
individual retirement account
|
| gptkbp:type_of |
tax-deferred growth
|
| gptkbp:withdrawal_penalty |
10% before age 59½
|
| gptkbp:withdrawal_rules |
can withdraw funds at any time
may incur taxes and penalties |
| gptkbp:bfsParent |
gptkb:IRA
|
| gptkbp:bfsLayer |
5
|