Go Simple

The Go Simple plan design satisfies IRS requirements for SIMPLE 401(k) plans. The Go Simple plan is for businesses with under 100 employees but unlike a traditional 401(k) plan, you can not establish a SIMPLE plan if the company has any other retirement plans in place. The Go401k Group handles set up and administration at a reduced rate because the Go Simple plan requires less paperwork then traditional 401(k) plans and does not require non-discrimination testing.      

 

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Eligibility Requirements:

• 1 year of service with at least 1000 hours of service.

• Attainment of age 21.

Entry Dates:

• Either 1/1 or 7/1 once eligibility requirements are met.

Matching Contributions:

• A non-elective contribution of 2% of each eligible employee's pay.

Vesting:

• Any and all contributions are immediately 100% vested.

Loans/Hardships:

• Loans and Hardship withdrawals are permitted.

• Minimum loan amount is $1,000.

• Maximum loan amount is one half the vested account balance but no more than $50,000.

• Participants are not permitted to have more than two loans outstanding at any time.

Maximum Deferral Amount:

• The IRS Limit. $11,500 for 2011

Catch Up Contribution:

• The IRS Limit. $2,500 for 2011

Profit Sharing Contribution Limit:

• No Profit Sharing Contributions can be made.