Merrill is a participant in a SIMPLE § 401(k)plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?
A)$0
B)$1,200
C)$1,600
D)$2,800
E)None of these

Question

Quizplus · Accepted Answer

Merrill has elected to contribute $1,600 ($40,000 × 4%)to his SIMPLE § 401(k)plan.His employer will contribute $1,200 ($40,000 × 3%).Both amounts will vest immediately.

Merrill Is a Participant in a SIMPLE § 401(k)plan,and He