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Printable Form 5305-S Wisconsin: What You Should Know

Each account shall be a SIMPLE IRA plan, and each employee's participation in that plan shall be subject to each of the following: a. That an individual must be employed by a participating employer and shall have been employed by such a participating employer during the year in which such plan is established and during the current year. b. That such individual's compensation attributable to the provision of investment services by such employer must be equal to at least 90% of such individual's compensation attributable to service as a general partner or member of a managing association of an employee welfare/retirement plan of such employer or 80% of such individual compensation attributable to service as a general partner or member of a managing association of such a plan. c. That each employee's participation shall be limited to at least 90% for any calendar year in which service by such individual as an employee at the location involved has been terminated or after April 30, 2015. d. That such IRA must be subject to a self-directed IRA plan for qualifying employees to whom the IRA is made available under section 408(p). For this purpose, a plan is “self-directed” if the plan fiduciary has the ability to direct the plan, directly or indirectly, in any matter that is within the planning or investment discretion of the plan, or to control its assets. For purposes of determining whether the plan is “self-directed,” the plan shall not be treated as subject to a self-directed tax treatment as a governmental plan if the plan is subject to a qualified compensation tax treatment under the Federal Employee Retirement Income Security Act of 1974 (the “ERICA”), as such Act is amended, or as if it were a governmental plan under part A of title I of such Act. Notwithstanding the preceding sentence, the following shall apply: (1) With respect to any plan subject to such a self-directed treatment— (A) With regard to any qualified employee plan, the plan may include a limitation or exception allowing that individual to receive certain benefits in respect of retirement under the plan; if the plan includes such a limitation or exception, the plan may not be subject to Part 1 of such title VII. (B) With regard to any nonqualified employee plan, the plan may include a limitation or exception allowing that individual to receive certain benefits in respect of retirement under the plan; if the plan includes such a limitation or exception, the plan may not be subject to Part 1 of such title VII.

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