Which of the following statements is (are)true with respect to SIMPLE retirement plans?
I.Only large employers can start a SIMPLE plan,provided the employer does not maintain another qualified plan.
II.SIMPLE plans are exempt from most nondiscrimination and administrative rules that apply to qualified plans.

Question

Quizplus · Accepted Answer

SIMPLE plans are designed for small businesses, not large employers, and they are indeed exempt from most nondiscrimination and administrative rules that apply to qualified plans.

Which of the Following Statements Is (Are)true with Respect to SIMPLE