|
Compliance
Requirements
and Limits |
SEP |
SIMPLE IRA |
SIMPLE
401(k) |
Qualified Retirement Plan |
|
Profit Sharing
(PS) |
PS w/401(k) |
Defined Benefit |
|
Employer Conditions |
None |
100 Employee Limit |
100 Employee Limit |
None |
None |
None |
|
Document |
IRS Model Plan
(Form 5305-SEP) or Plan
Document |
IRS Model Plan
(Form 5305-SIMPLE) or Plan
Document |
Qualified Plan
Document |
Qualified Plan
Document |
Qualified Plan
Document |
Qualified Plan
Document |
|
Plan must be established by |
Due Date of Employer Tax Return or any extension thereof |
Must be established by October 1 of Calendar Plan Year |
Must be established by October 1 of Calendar Plan Year |
Must be established by end of Plan Year |
Must be established by end of Plan Year |
Must be established by end of Plan Year |
|
Exclusive Plan |
No |
Yes |
Yes |
No |
No |
No |
|
Employees of Affiliated or Related Employers |
Must include |
Must include |
Must include |
May exclude by applying minimum coverage rules |
May exclude by applying minimum coverage rules |
May exclude by applying minimum coverage rules |
|
Coverage Testing |
Not Applicable |
Not Applicable |
Applicable |
Applicable |
Applicable |
Applicable |
|
Nondiscrimination Tests |
Not Applicable |
Not Applicable |
Not Applicable |
Applicable |
Applicable |
Applicable |
|
Top heavy Rules |
Applicable |
Not Applicable |
Not Applicable |
Applicable |
Applicable |
Applicable |
|
Individual Maximum Annual Addition & Benefit
Limitations (IRC §415) |
Lesser of
100% of compensation or $44,000 |
Participant limit plus employer contribution |
Lesser of 100% of compensation or
$44,000 |
Lesser of 100% of compensation or
$44,000 |
Lesser of
100% of compensation or $44,000 ("catch-up" not considered) |
Lesser of
100% of highest 3 year comp. average or $175,000 |
|
Compensation Dollar Limit |
$220,000 |
None for Match; $210,000 for non-elective |
$220,000 |
$220,000 |
$220,000 |
$220,000 |
|
Employer Deduction Limit (IRC §404) |
25% of aggregate employee compensation |
Participant limit plus 2% ER contribution or 3%
ER match |
Participant limit plus 2% ER contribution or 3% ER match |
25% of aggregate employee comp. |
25% of aggregate employee comp.; no offset for "(k)" |
Based on plan formula subject to full funding limit |
|
Form 5500 Filing |
Not Required |
Not Required |
Required |
Required |
Required |
Required |
|
Trust Accounting |
Not Required |
Not Required |
Required |
Required |
Required |
Required |
|
Plan Audit |
Not Required |
Not Required |
Not Required |
Not Required unless 100 participants or
if 95% are “qualifying plan assets”
|
Not Required unless 100 participants or
if 95% are “qualifying plan assets”
|
Not Required unless 100 participants or
if 95% are “qualifying plan assets”
|
|
Fiduciary Responsibility |
IRA; therefore, not applicable |
IRA; therefore, not applicable |
Yes; Fiduciary Relief through ERISA §404(c) |
Yes; Fiduciary Relief through ERISA §404(c) |
Yes; Fiduciary Relief through ERISA §404(c) |
Yes |
|
Joint and Survivor Rules |
Not Applicable |
Not Applicable |
Option not to apply |
Option not to apply |
Option not to apply |
Applicable |
|
Minimum Distributions |
Required at Age 70½ |
Required at Age 70½ |
Required at Age 70½ for >5% owners |
Required at Age 70½ for >5% owners |
Required at Age 70½ for >5% owners |
Required at Age 70½ for >5% owners |
|
Latest due date for Employer contribution |
Due Date of Employer Tax Return or any extension thereof |
Due Date of Employer Tax Return or any extension thereof |
Due Date of Employer Tax Return or any extension thereof |
Due Date of Employer Tax Return or any extension thereof |
Due Date of Employer Tax Return or any extension thereof |
Due Date of ER Tax Return or any ext. for deduction
but no later than 8½ months for minimum funding |
|
Due date to deposit Employee contributions |
Not Applicable |
Earliest date
employer can transmit contributions |
Earliest date
employer can transmit contributions |
Not Applicable |
Earliest date
employer can transmit contributions |
Not Applicable |