All of the following statements pertaining to SIMPLE plans are correct EXCEPT:

Insurance

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All of the following statements pertaining to SIMPLE plans are correct EXCEPT:

A) these plans are reserved for employers with 500 or more employees.

B) all employees are fully and immediately vested in SIMPLE plans.

C) SIMPLE plans allow employers to set up tax-favored retirement savings plans for their employees without having to comply with complicated qualification requirements.

D) SIMPLE plans may be structured like IRAs or 401(k) plans.

Answer: A) these plans are reserved for employers with 500 or more employees.

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