SIMPLE Plan requirement
Can a company of a SIMPLE Plan have an eligibility requirement where the employee is eligible on their 1 year employment anniversary?
Can a company make up any eligibility requirements they want and if so, how does this get adopted on the plan doc? The 5304 or the 5305 doesn’t seem to have an area where special eligibility requirements can be listed?
Permalink Submitted by William Tuttle on Thu, 2021-10-28 18:39
There are no special eligibility limitations allowed in SIMPLE IRA plans. The only eligibility limitations allowed are those on Forms 5304 and 5305 1(b) (i) and (ii).