Small business owners have a number of retirement plans available to them. One type of plan is limited to employers with 100 or fewer eligible employees.
Under this type of plan, small employers are exempt from most of the nondiscrimination and administrative rules that apply to qualified plans. Such plans are called
A) Keogh plans.
B) SIMPLE retirement plans.
C) cash balance plans.
D) profit sharing plans.
Question 2
Special vesting rules apply to qualified defined contribution plans with voluntary employee contributions and matching employer contributions. Which of the following statements is (are) true with respect to these vesting rules?
I. Employer contributions must vest immediately.
II. Graded vesting is permitted, and employer contributions must be 20 percent vested after 2 years, with an additional 20 percent vested in each of the next 4 years.
A) I only
B) II only
C) both I and II
D) neither I nor II
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