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Form 5305-SA for New Jersey: What You Should Know

Your state or local authority will provide forms appropriate for your state or local authority, if known. (b) Purpose. The purpose of the Agreement is to establish a SIMPLE IRA custodial account for employees of small employers. Legal Name. This Agreement is a model custodial account agreement that meets the requirements of sections 408(a) and 408(p). (d) Eligibility. To be eligible, the employee must be an officer, director, manager, employee or shareholder (or a group or entity made up of them) of a Small Business Investment Company (SBC) and the SBC qualifies as an eligible Small Business Investment Company for the purpose of section 401(k) of the Internal Revenue Code. (e) Termination Date. The Agreement terminates on the 10th day of the third month following the account opening. If the account opening occurs on the 5th January, for calendar year 2018, an agreement may be made until April 30th. (f) Transfer of Funds If the employee ceases to be an officer, director, manager, employee or shareholder of the SBC as defined in section 401(k) of the Internal Revenue Code or of any other qualified employer described in section 401(a), and the SBC qualifies for the application of section 401(k) of the Internal Revenue Code, the following applies: (1) All obligations of the Employee at the time the Employee ceases to be an officer, director, manager, employee or shareholder (or a group or entity made up of them) of the SBC shall be transferred to the account established under the agreement. (2) Any earnings and other distributions due the employee upon such cessation shall be paid into the account established under the agreement until the day that is the 10th day of the month following the month in which this Agreement terminates. (g) Termination and Effect. The agreement terminates on the 10th day of the third month following the account opening. If the account opening occurs on the 5th January for calendar year 2018, an agreement may be made until April 30th on an annual basis. (h) Eligibility Requirements. To be eligible for the use of section 401(k) of the Internal Revenue Code, the employee and SBC shall meet the following eligibility requirements: (1) Employee must be an SBC shareholder.

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