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Retirement Intermediate: Special Types of Individual Retirement Accounts

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1.
An employer may exclude from a SIMPLE IRA any employees whose retirement benefits are covered by a union contract.
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True. Employees whose retirement benefits are covered by a union contract are excluded from participating in a SIMPLE IRA.
2.
Contributions that employers make to employees' SIMPLE IRAs are called ________ contributions.
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Matching. To an extent, these must match the contributions made by employees.
3.
To be eligible to participate in a company's SEP-IRA, you must be at least how old?
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21. You must be at least 21, per IRS guidelines.
4.
Employers are required to contribute to their employees' SEP-IRAs.
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False. Employer contributions are voluntary.
5.
SIMPLE IRAs are sponsored by whom?
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Employers. The SIMPLE IRA is an employer-sponsored retirement plan.