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5305 Simple Form: What You Should Know

Employer's Plan Information & Contributions. Employer has been approved to apply for an employer-designed savings plan in which employees contribute to their own retirement accounts, but the employer has not completed the qualification process and may not meet the eligibility requirements. 3. Employment Eligibility & Instructions. Employees will be offered the option of entering the employer's savings option, which will provide additional information and options. The options are: 4. Participation in SIMPLE. Participating in SIMPLE will not be available to employees who are already enrolled in another SIMPLE Plan. 5. Qualifying for Retirement Funds. Employees will have the following options, at their option, from the employer: 6. Interest Rate. To participate in SIMPLE, employees will have the option of selecting a variable interest rate (“VAR”), either: 7. Automatic Conversion of Employer Contribution (“ANTWERP”). In SIMPLE, each employee must elect to automatically convert a portion of the employer contribution to a SIMPLE IRA at a predefined rate as of the start of employment (i.e., the employer contribution will be automatically reduced by a pre-determined value after a given period). To date, employees have elected a variable rate of 1.25% per year, with the last automatic conversion occurring on June 30, 2012. If an employee does not elect to Automatic Conversion, the employer contribution will not be automatically reduced after the first year of employment (instead, the employer contribution will be reduced at a rate fixed by the employer for each year of employment); and/or 8. Retirement Plan. Employees will select from one or more SIMPLE retirement planning options, at their option, including Social Security and/or 401(k) Plans, SEPs, 403(b) Plans, SIMPLE plans from the employer, or any other retirement plan, as may be recommended by the plan administrator. Each employee will be required to contribute to her or his own retirement plan. This may be a defined contribution or an Employee Stock Ownership Plan. The employer will provide, in cooperation with the employer, an account selection tool that the employee can use to select the retirement plan. A defined contribution SIMPLE IRA plan may include a Roth option; but not an IRA option. 9. Contributions to SIMPLE. The employer will make one or more contributions to SIMPLE with the employer's contribution. The employer will select this option from the list below. It must be a SIMPLE IRA contribution. 10. Designation of IRA Beneficiaries.

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