-6-
makes direct contributions to its employees’ individual retirement
1(...continued)
favor of the highly compensated, etc.--
(A) In general.--The requirements
of this paragraph are met with
respect to a simplified employee
pension for a year if for such year
the contributions made by the
employer to simplified employee
pensions for his employees do not
discriminate in favor of any highly
compensated employee (within the
meaning of section 414(q)).
* * * * * * *
(4) Withdrawals must be permitted.--A
simplified employee pension meets the
requirements of this paragraph only if--
(A) employer contributions thereto
are not conditioned on the
retention in such pension of any
portion of the amount contributed,
and
(B) there is no prohibition imposed
by the employer on withdrawals from
the simplified employee pension.
(5) Contributions must be made under written
allocation formula.--The requirements of this
paragraph are met with respect to a
simplified employee pension only if employer
contributions to such pension are determined
under a definite written allocation formula
which specifies--
(A) the requirements which an
employee must satisfy to share in
an allocation, and
(B) the manner in which the amount
allocated is computed.
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Last modified: May 25, 2011