All of the following statements about SIMPLE plans are correct EXCEPT?

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All of the following statements about SIMPLE plans are correct EXCEPT?

A) An employer must make dollar for dollar contributions up to 10% of the employee’s compensation.

B) They can be structured as an IRA or as a 401(k) cash or deferred arrangement.

C) Only employers with no more than 100 employees can establish SIMPLE plans.

D) An employer may establish a SIMPLE plan if another qualified plan is not already in place.

Answer: A) An employer must make dollar for dollar contributions up to 10% of the employee’s compensation.

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