THE “NO OTHER PLAN” RULE
01.Core Concepts
• Through 2023, employers could not maintain a qualified plan in the same year as a SIMPLE plan. • SECURE 2.0 (for plan years beginning after December 31, 2023) • Employer sponsoring a SIMPLE IRA may terminate the SIMPLE during the plan year and immediately replace it with one of the following: • SIMPLE 401(k) • Safe harbor 401(k) • QACA • Starter 401(k) • Safe harbor 403(b) • Maximum aggregate contribution is prorated amount