2 This booklet contains: Adoption Agreement Plan Document Sample Announcement Letter Notice to Employees Remittance Form Contribution Worksheet
3 SEP Adoption Agreement A Simplified Employee Pension Plan 1 ADOPTING THE PLAN The Employer named below hereby adopts a Pioneer Simplified Employee Pension Plan to provide, for the Participants therein, Individual Retirement Account benefits in accordance with Section 408(k) of the Internal Revenue Code of 1986, as amended (the Code ). 2 THE EMPLOYER Business Name Business Address Fiscal Year for Federal Income Tax Purposes: Calendar Year; or Other Year beginning the day of, each year. 3 NAME OF PLAN The Simplified Employee Pension Plan shall be known as the : Business Name Simplified Employee Pension Plan (the Plan ). 4 ADOPTION AS AMENDMENT TO EXISTING PLAN If checked, the adoption of this Plan constitutes an amendment of the Employer s existing Simplified Employee Pension Plan by deleting the provisions of the existing Plan and substituting this Plan in lieu thereof. 5 EFFECTIVE DATE The effective date of the Plan or amendment shall be: The Effective Date shall be no later than the date the Plan or amendment is adopted by the Employer; provided, however, that if this Plan is adopted as a plan amendment (including amendments required to maintain plan qualification as a Simplified Employee Pension Plan under the Internal Revenue Code as amended by the Tax Reform Act of 1986, or other relevant legislation) plan provisions shall be effective retroactively to the extent necessary to maintain plan qualification under relevant legislation, regulations, revenue rulings and notices under the Code. 6 ELIGIBILITY REQUIREMENTS An Employee is a Participant in the Plan if the Employee: (a) is at least years old (must not exceed 21); and (b) has been an Employee of the Employer during (not to exceed three (3) of the immediately preceding five (5) Plan Years. Service with a Predecessor Employer: If checked, service with a predecessor employer shall be considered for purposes of determining eligibility under this Plan. Service with a predecessor employer shall be considered in any event if the predecessor employer also maintained this Plan and the Plan has been continued by the Employer. An employer shall be a predecessor employer for purposes of this section only if the Employer has succeeded to its assets and continues to conduct all or a substantial part of the business of such employer. Exclusion of Union Employees. There shall be excluded from the Plan all Employees who are members of a union with which the Employer has a collective bargaining agreement, directly or through an employer s association, under the terms of which retirement benefits were the subject of good faith bargaining (unless such agreement provides that such Employees are to be included in the Plan). 7 EMPLOYER CONTRIBUTIONS The Employer elects to make discretionary contributions for each Plan Year on behalf of each Participant allocated as follows: Nonintegrated Contribution Allocation Formula. Any Employer s discretionary contribution shall be allocated to each Participant in an amount equal to a percentage of Compensation determined annually by the Employer. Integrated Contribution Formula. If checked, the Employer s contribution shall be allocated to each Participant in accordance with the Integrated Contribution Allocation Formula in Section 1.3(a) of the Plan. 8 TOP-HEAVY REQUIREMENTS If applicable, name below the plan other than this Plan in which the minimum top-heavy contribution will be made. 9 SIGNATURES The Employer understands that: (i) The Adoption Agreement and related Simplified Employee Pension Plan are provided for consideration by counsel for employers wishing to establish the Plan under the Code; (ii) The Employer should consult the Employer s own tax advisor concerning the completion of this Adoption Agreement and all tax and legal aspects of the Plan, the responsibility for which is assumed by the undersigned Employer; (iii) Contributions to this Plan are deductible by the Employer for the taxable year with or within which the Plan Year of the Plan ends; and (iv) Contributions made for a particular taxable year and contributed by the due date of the Employer s income tax return, including extensions, are deemed made in that taxable year. Signed this day of, 20 Business Name By: X Authorized Signature Pioneer Investment Management USA Inc. will inform the Employer of any amendment to the Plan or the discontinuance or abandonment of the Plan. If you have questions about this Plan, please write or call Pioneer Investment Management USA Inc. at: 60 State Street, Boston, Massachusetts, 02109, (617)
4 SEP Plan Document A Simplified Employee Pension Plan ARTICLE I Establishment of Simplified Employee Pension Plan 1.1 The Employer named on the Adoption Agreement hereby adopts a Pioneer Simplified Employee Pension Plan to provide, for the Participants therein, Individual Retirement Account benefits in accordance with Section 408(k) of the Internal Revenue Code of 1986, as amended (the Code ). 1.2 ELIGIBILITY REQUIREMENTS An Employee is a Participant in the Plan if the Employee satisfies the requirements in the Adoption Agreement. 1.3 CONTRIBUTIONS AND ALLOCATION FORMULA For each Plan Year, the Employer will contribute to the SEP-IRA of each Participant an amount determined in accordance with the selections made in the Adoption Agreement. The Employer s contributions for any Plan Year shall be payable no later than the time prescribed by law for filing the return (including extensions) for the taxable year with or within which the Plan Year ends. Contributions shall not discriminate in favor of Highly Compensated Employees. (a) Employer Contributions. The Employer elects to make discretionary contributions for each Plan Year on behalf of each Participant allocated in accordance with the following formulas as elected on the Adoption Agreement: Nonintegrated Contribution Allocation Formula. Any Employer s discretionary contribution shall be allocated to each Participant in an amount equal to a percentage of his Compensation determined annually by the Employer. Integrated Contribution Allocation Formula. Any Employer s discretionary contribution shall be allocated to each Participant in an amount equal to the sum of: (i) A percentage (the Base Percentage ) of the Participant s Compensation not in excess of the taxable wage base, and (ii) A percentage (the Excess Percentage ) of the Participant s Compensation in excess of the taxable wage base; provided however, that the Excess Percentage shall not exceed the Base Percentage by more than the lesser of the Base Percentage or the percentage equal to the portion (not less than 5.7 percent) of the OASDI tax rate under Code Section 3111(a) (in effect as of the beginning of the Plan Year) which is attributable to old age insurance. The taxable wage base is the maximum amount of earnings which may be considered wages for such year under Section 3121(a)(1) of the Code in effect as of the beginning of the Plan Year. (b) Limitation on Contributions. The Employer s contribution on behalf of each Participant for any Plan Year determined under paragraph (a) above, when aggregated with contributions to all other SEPs and qualified plans of the Employer, shall not exceed the limitation in effect under Code Section 415(c)(1)(A). (c) The Employer shall not make a contribution for any Plan Year on behalf of any Employee whose Compensation (as defined in Code Section 414(q)(7) was less than $300 (or such other amount as may be prescribed by the Secretary of the Treasury or his delegate) for such Year. (d) Top-Heavy Requirements. Unless another plan of the Employer is designated on the Adoption Agreement to satisfy the top-heavy requirements of Section 416 of the Code, each year this Plan is top-heavy (as defined in Section 2.10 below) the Employer will make a minimum contribution to the SEP-IRA of each non-key Employee eligible to participate, which, in combination with other nonelective contributions, if any, is equal to the lesser of three percent of such Employee s Compensation or a percentage at which elective and nonelective contributions are made under the Plan for the Plan Year for the Key Employee for whom such percentage is the largest. For purposes of satisfying the minimum contribution requirement under Section 416 of the Code, all nonelective contributions under the Plan shall be taken into account. ARTICLE II Definitions As used in the Plan, the following terms shall have the meaning hereinafter set forth, unless a different meaning is plainly required by the context. 2.1 Code shall mean the Internal Revenue Code of 1986, as amended from time to time. 2.2 Compensation shall mean: (a) Compensation is defined as wages as defined in Section 3401(a) and all other payments of compensation to an Employee by the Employer (in the course of the Employer s trade or business) for which the Employer is required to furnish the Employee a written statement under Sections 6041(d) and 6051(a)(3) of the Code. Compensation must be determined without regard to any rules under Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2)) and (b) earned income within the meaning of Section 401(c)(2) of the Code, including net earnings from self-employment to the extent such net earnings constitute compensation for personal services actually rendered in the business covered by this Plan. In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the annual Compensation of each Employee taken into account under the Plan shall not exceed $150,000 as adjusted by the Commissioner for increases in the cost of living n accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation is determined (determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, annual Compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. Any reference in the Plan to the limitation under Section 401(a)(17) of the Code shall mean the annual Compensation limit set forth in this provision. Compensation shall not include any contribution to this Plan and any amount received as a pension or annuity or as deferred compensation and compensation shall include only that compensation which is actually paid to the Participant during the year; provided, however, that for Plan Years commencing after December 31, 1997, compensation shall include any elective deferrals (as defined in Section 402(g)(3)) and any amount that is contributed or deferred by the Employer at the election of the Employee and which is not includible in gross income by reason of Section 125 or Section 457 of the Code. Notwithstanding any provisions of this Plan to the contrary, Compensation shall be defined as may be required by Sections 408 and 414(s) of the Code or other applicable provisions in order to preserve the qualification of this Plan as a Simplified Employee Pension Plan and to assure the deductibility of contributions to the Plan. 2.3 Employee : (a) Employee shall mean an individual who is employed by the Employer, including an employee within the meaning of Section 401(c)(1) of the Code. The term Employee shall include a leased Employee who is required to be treated as an Employee of the Employer under Section 414(n) of the Code but shall not include an independent contractor. (b) Key Employee shall mean any Employee or former Employee (and the beneficiaries of these employees) who, at any time during the Plan Year or any of the four preceding Plan Years, is one of the following: (i) an officer of the Employer whose annual Compensation is greater than 50 percent of the dollar limitation in effect under Section 415(b)(1)(A) of the Code; (ii) an owner of one of the ten largest interests in the Employer (if the Employee s Compensation exceeds 100% of the limit under Section
5 415(c)(1)(A)); (iii) a 5% owner of the Employer as defined in Section 416(i)(1)(B)(i) of the Code; or (iv) a 1% owner of the Employer having an annual Compensation from the Employer of more than $150,000. (c) Highly Compensated Employee shall mean an individual described in Section 414(q) of the Code who: (i) During the current or preceding year was a 5% owner as defined in Section 416(i)(1)(B)(i) of the Code; or (ii) For the preceding year, received Compensation in excess of $80,000, as adjusted pursuant to Section 414(g) and 415(d) of the Code, and, if the Employer elects, was in the top-paid group of Employees for such preceding year (the top 20% of Employees, by Compensation). 2.4 Employer shall mean the Employer named in the Adoption Agreement. The term shall also include any corporation which together with the Employer forms a controlled group of corporations within the meaning of Code Section 414(b) or any other trade or business which is under common control with the Employer within the meaning of Code Section 414(c) or any other employer required to be aggregated under Code Section 414(o). All members of an affiliated service group as defined in Section 414(m) of the Code will be considered a single employer for purposes of determining eligibility to participate in the Plan and any contribution under the Plan will be based upon all the Compensation (to the extent permitted by law and the Plan) received from all members of the affiliated service group during the Plan Year for which the contribution is made. 2.5 Family member shall mean an individual who is related to a Highly Compensated Employee as a spouse, or as a lineal ascendant (such as a parent or grandparent) or descendant (such as a child or grandchild) or spouse of either of those, in accordance with Section 414(q) of the Code and the regulations thereunder. 2.6 Plan shall mean this Simplified Employee Pension Plan (including the Adoption Agreement) together with any and all amendments. 2.7 Plan Year shall mean the fiscal year of the Employer as specified in the Adoption Agreement. The first Plan Year shall be the Employer s fiscal year which includes the effective date of the Plan. In the event there is a short Plan Year because of the conversion of the Plan Year from a calendar year to a fiscal year or otherwise, such short year shall be treated as a separate Plan Year for eligibility purposes and if the Plan is integrated, the Taxable Wage Base shall be reduced to equal that amount which bears the same ratio to the Taxable Wage Base as the number of days in the short year bears to Simplified Employee Pension Plan or SEP shall mean a Simplified Employee Pension Plan as defined in Section 408(k) of the Code. 2.9 SEP-IRA or IRA shall mean the Pioneer Individual Retirement Account established by a Participant or if contributions thereto are not equal to or greater then the minimum amounts required for such accounts, another Individual Retirement Account selected and established by the Participant, or as provided under Section 3.2 of Article III, by the Employer. In any case, such Individual Retirement Account shall meet the requirements of Subsections 408(a), 408(j) and 408(k) of the Code This Plan is top-heavy for a Plan Year if, as of the last day of the previous Plan Year (or current Plan Year if this is the first year of the Plan) the total of elective and nonelective contributions made on behalf of Key Employees for all the years this Plan has been in existence exceeds 60% of such contributions for all Employees. If the Employer maintains (or maintained within the prior five years) any other SEP or defined contribution plan in which a Key Employee participates (or participated), the contributions or account balances, whichever is applicable, must be aggregated with the contributions made to this Plan. The contributions (and account balances, if applicable) of an Employee who ceases to be a Key Employee or of an individual who has not been in the employ of the Employer for the previous five years shall be disregarded. The identification of Key Employees and the top-heavy calculation shall be determined in accordance with Section 416 of the Code and the regulations thereunder. ARTICLE III Eligibility and Participation 3.1 An Employee who has satisfied the eligibility requirements specified in the Adoption Agreement as of the effective date of the Plan shall be a Participant as of such date. An Employee who thereafter satisfies the eligibility requirements specified in the Adoption Agreement shall become a Participant as of the first day of the calendar month in which such eligibility requirements are met. 3.2 When an Employee becomes a Participant, the Employer shall arrange for him to apply for a SEP-IRA. Such application shall be made no later than the time at which the Employer makes its first contribution on behalf of the Participant. A SEP-IRA will be established by the Employer on behalf of an Employee who fails to do so. ARTICLE IV Excess SEP Contributions 4.1 The Employer shall notify each affected Highly Compensated Employee, within 2-1/2 months following the end of the Plan Year to which the excess SEP contributions relate, of any excess SEP contributions to the Highly Compensated Employee s Account for the applicable year. Such notification shall specify the amount of the excess SEP contributions and the calendar year in which the contributions are includible in income and must provide an explanation of applicable penalties if the excess contributions are not withdrawn in a timely fashion. 4.2 Income allocable to the excess SEP contributions is includible in the year of withdrawal from the SEP-IRA. 4.3 If the Employer fails to notify any of the affected Employees within 2-1/2 months following the end of the Plan Year of an excess SEP contribution, the employer must pay a tax equal to 10% of the excess SEP contribution. If the Employer fails to notify Employees by the end of the Plan Year following the Plan Year in which the excess SEP contributions arose, the SEP no longer will be considered to meet the requirements of Section 408(k)(6) of the Code. If the SEP no longer meets the requirements of Section 408(k)(6), then any contribution to an Employee s IRA will be subject to the IRA contribution limitations of Sections 219 and 408 and thus may be considered an excess contribution to the Employee s IRA. 4.4 The notification to each affected Employee of the excess SEP contributions must specifically state in a manner calculated to be understood by the average Employee: (a) The calendar year in which the excess SEP contributions are includible in gross income; and (b) That the Employee must withdraw the excess SEP contributions (and allocable income) from the SEP-IRA by April 15 following the year of notification by the Employer. Those excess contributions not withdrawn by April 15 following the year of notification will be subject to the IRA contribution limitations of Sections 219 and 408 of the Code for the preceding calendar year and thus may be considered an excess contribution to the Employee s SEP-IRA. Such excess contributions may be subject to the six percent tax on excess contributions under Code Section If income allocable to an excess SEP contribution is not withdrawn by April 15 following the year of notification by the Employer, the income may be subject to the ten percent tax on early distributions under Code Section 72(t) when withdrawn. ARTICLE V Administration 5.1 The Named Fiduciary (as that term is defined under the Employee Retirement Income Security Act of 1974, as amended from time to time) shall be the Plan Administrator. 5.2 The Employer, or one or more persons appointed by the Employer, shall be the Plan Administrator. The Plan Administrator shall be responsible for the operation of the Plan in accordance with its terms. The Plan Administrator shall determine all questions arising out of the administration, interpretation and application of the Plan, which determinations shall be conclusive and binding on all persons. The Plan Administrator shall be responsible for providing such returns, reports, descriptions and statements as are required of the Employer by law, within the time prescribed by law and making them available for examination by Participants and their beneficiaries when required by law.
6 5.3 All administrative expenses shall be paid by the Employer; provided, however, that the Employer shall not be responsible for any custodian fees assessed in connection with any SEP-IRA. ARTICLE VI Amendment and Termination 6.1 The Plan may at any time and from time to time be modified, amended or terminated (including retroactive amendments) by the Employer, or, as long as the Plan continues to include Pioneer Individual Retirement Accounts, by Pioneer Investment Management USA Inc. Any such modification, amendment or termination shall be in writing signed by the Employer or Pioneer Investment Management USA Inc. and communicated to all appropriate parties as required by law. The Employer shall be deemed to have consented to any such amendment by The Pioneer Group, Inc. 6.2 Except to the extent required under Section 1.3(d) of Article I, the Employer is not and shall not be under any obligation or liability whatsoever to make contributions to, or to maintain, the Plan for any given length of time and may in its sole and absolute discretion discontinue such contributions or terminate the Plan without any liability whatsoever for such discontinuance or termination. 6.3 An Employer who has ever maintained a defined benefit plan which is now terminated may not participate in this Pioneer Simplified Employee Pension Plan as a prototype plan and this Plan will be considered to be an individually designed plan. If, subsequent to adopting this plan, any defined benefit plan of the Employer terminates, the Employer will no longer participate in this prototype plan and will be considered to have an individually designed plan. IRS Opinion Letter ARTICLE VII Miscellaneous Below is the Internal Revenue Service opinion letter approving the form of the Pioneer Simplified Employee Pension Plan. 7.1 Neither the establishment of the Plan nor any modification thereof, nor the creation of any account, nor the payment of any contributions shall be construed as giving to any Participant or any other person any legal or equitable right against the Employer, except as specifically provided herein; and in no event shall the terms of employment of any Employee or Participant be modified or in any way affected hereby. 7.2 The masculine pronoun, whenever used herein, shall include the feminine pronoun, and the singular shall include the plural. 7.3 This Plan must be used in conjunction with an Individual Retirement Account (as defined in Section 408 of the Code) for which the Internal Revenue Service has issued a favorable opinion letter.
7 Pioneer Investments Retirement Plans Sample Announcement Letter Dear Employee: We are pleased to announce that beginning, our company will offer a new retirement plan, called a Simplified Employee Pension Plan, or SEP. As an eligible employee, you are entitled to any contributions that the company makes to the plan. All contributions made on your behalf will be invested directly into an IRA-type account, called a SEP-IRA. Here are some of the benefits this plan offers: You can choose among a variety of professionally managed investment options. Earnings on your contributions grow tax-deferred. There are no vesting schedules, so you immediately own 100% of all money in your account. [select one of the paragraphs below, based on how you plan to handle enrollment] To introduce the SEP plan, we ve scheduled an enrollment meeting to take place on. You ll hear all about the plan s features and investment choices, and will be able to ask any questions you might have. [or] To sign up for the SEP plan, simply fill out the SEP-IRA Application (and Rollover/ Transfer Form if transferring assets from another retirement plan) and return them to. If you have any questions about the plan, please contact.
8 Notice to Employees for 2007 The information below explains what a SEP is, how contributions are made and how to treat your employer s contributions for tax purposes. For more information, see IRS Publication 590. Questions and Answers 1. What is a simplified employee pension, or SEP? A SEP is a written arrangement (a plan) that allows an employer to make contributions toward your retirement. Contributions are made to an individual retirement account (IRA). Your employer will provide you with a copy of the agreement (including the adoption agreement) containing participation rules and a description of how employer contributions may be made to your IRA. All amounts contributed to your IRA by your employer belong to you even after you stop working for that employer. 2. Must my employer contribute to my IRA under the SEP? No. An employer is not required to make SEP contributions. If a contribution is made, it must be allocated to all the eligible employees according to the SEP agreement. Pioneer Prototype SEP specifies that the contribution for each eligible employee will be the same percentage of compensation (excluding compensation higher than $225,000) for all employees. However, if the plan is integrated with Social Security, the employer uses a contribution formula that applies one percentage to earnings below the Social Security taxable wage base and a higher percentage to earnings above that level. 3. How much may my employer contribute to my SEP-IRA in any year? Your employer will determine the amount to be contributed to your IRA each year. However, the amount for 2007 is limited to the smaller of $45,000 or 25% of your compensation for that year. Compensation does not include any amount that is contributed by your employer to your IRA under the SEP. Your employer is not required to make contributions every year or to maintain a particular level of contributions. 4. How do I treat employer SEP contributions for my taxes? Employer contributions to your SEP-IRA are excluded from your income unless there are contributions in excess of the applicable limit. See Question 3. Employer contributions within these limits will not be included on your Form W May I contribute to a regular IRA if I am a participant in a SEP? Yes. You may contribute the lesser of $4,000 ($5,000 if age 50 or older) or 100% of your compensation to an IRA. However, the amount you can deduct may be reduced or eliminated because, as a participant in a SEP, you are covered by an employer retirement plan. 6. Are there any restrictions on the IRA I select to have my SEP contributions deposited in? Contributions must be made to a master or prototype IRA for which the IRS has issued a favorable opinion letter. The prototype Pioneer IRA is such an approved prototype. 7. What if I do not want to participate in a SEP? If your employer does not require you to participate in a SEP as a condition of employment, and you elect not to participate, all other employees of your employer may be prohibited from participating. If one or more eligible employees do not participate and the employer tries to establish a SEP for the remaining employees, it could cause adverse tax consequences for the participating employees. 8. Can I move funds from my SEP-IRA to another tax-sheltered IRA? Yes. You can withdraw or receive funds from your SEP-IRA if, within 60 days of receipt, you place those funds in another IRA or SEP-IRA. This is called a rollover and can be done without penalty only once in any one-year period. However, there are no restrictions on the number of times you may make transfers, if you arrange to have these funds transferred between the trustees or the custodians so that you never have possession of the funds. 9. What happens if I withdraw my employer s contribution from my IRA? You may withdraw your employer s contribution at any time, but any amount withdrawn is includible in your income unless rolled over. Also, if withdrawals occur before you reach age , you may be subject to a tax on early withdrawal. 10. May I participate in a SEP even though I am covered by another plan? Yes. You may participate in a SEP even though you participate in another qualified retirement plan of the same employer. If you work for several employers, you may be covered by a SEP of one employer and a different SEP, pension or profit-sharing plan of another employer. 11. What happens if too much is contributed to my SEP-IRA in one year? Contributions exceeding the yearly limitations may be withdrawn without penalty by the due date (plus extensions) for filing your tax return (normally April 15), but are includible in your gross income. Excess contributions left in your SEP-IRA account after that time may have adverse tax consequences. Withdrawals of those contributions may be taxed as premature withdrawals. See Question Is my employer required to provide me with information about SEP-IRAs and the SEP agreement? Yes. Your employer must provide you with a copy of the completed SEP Agreement and a yearly statement showing any contributions to your IRA. 13. Is the financial institution where my IRA is established required to provide me with information? Yes. It must provide you with a disclosure statement that contains the following information in plain, nontechnical language. 1. The law that relates to your IRA. 2. The tax consequences of various options concerning your IRA. 3. Participation eligibility rules, and rules on the deductibility of retirement savings. 4. Situations and procedures for revoking your IRA, including the name, address, and telephone number of the person designated to receive notice of revocation. (This information must be clearly displayed at the beginning of the disclosure statement.) 5. A discussion of the penalties that may be assessed because of prohibited activities concerning your IRA. 6. Financial disclosure that provides the following information: a. Projects value growth rates of your IRA under various contribution and retirement schedules, or describes the method of determining annual earnings and charges that may be assessed. b. Describes whether, and for when, the growth projections are guaranteed, or a statement of the earnings rate and the terms on which the projections are based. c. States the sales commission for each year expressed as a percentage of $1,000. In addition, the financial institution must provide you with a financial statement each year. You may want to keep these statements to evaluate your IRA s investment performance.
9 SEP-IRA Contribution Remittance Form Please enclose this form with your check made payable to Pioneer Investment Management Shareholder Services, Inc. (PIMSS). To: Pioneer Investment Management Shareholder Services, Inc. (PIMSS), P.O. Box 55014, Boston, MA From: Employer Name Street Address City State Zip Code Contact Name Participant Name* Social Security Number Contribution Amount *If adding a new participant, please enclose a Pioneer SEP-IRA Application. Total Contribution Amount $ (If total does not match amount shown on check, please attach explanation.)
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11 Integrated Contribution Formula Worksheet The purpose of an integrated plan is to favor your higher-paid employees, including yourself. You can choose to integrate by checking the appropriate box in Section 7 of the Pioneer SEP Adoption Agreement. (Note: If you have more than one plan, only one can be integrated with Social Security.) When you re ready to allocate the plan contribution, use this worksheet to determine how much each employee will receive. Example of integrated formula using the following assumptions: Social Security Taxable Wage Base of $97,500 for Employer contribution of $25,000 to be allocated between participants X and Y For each participant calculate: (a) Total compensation (do not include amounts over $225,000 2 ) (b) Excess compensation (amounts above the taxable wage base) (c) Total and excess compensation combined ( a plus b ) (d) Compensation ratio ( a divided by the sum of all participants compensation) (a) Total Compensation (b) Excess Compensation (over $97,500 1 ) (c) Total+Excess Compensation (a + b) (d) Compensation Ratio (a/sum of a) X $200,000 $102,500 $302,500 80% Y $50, ,000 20% Total $250,000 Allocation to X Allocation to Y Employer contributions remaining Steps: after each step 1. Calculate 3% of total compensation (a) $6,000 $1,500 $25,000-7,500 = $17, Calculate 3% of excess compensation (b) 3,075 0 $17,500-3,075 = $14, Calculate 2.7% of total plus excess compensation (c) 8,168 1,350 $14,425-9,518 = $ 4, Allocate remaining contribution using compensation ratio (d) 3, $ 4,907-4,907 = $ 0 Total Contribution $21,169 $3,831 Use the spreadsheet below to calculate the contribution allocation for your company. Or, if you have more than one participating employee, set up your own spreadsheet using this as a template. Note: If the employer s contribution is not sufficient to perform all steps, complete each step to the extent possible until the total contribution is exhausted. Do not allocate more than 25% of compensation or $45,000 to any participant. Name (a) Total Compensation (b) Excess Compensation (over $97,500 1 ) (c) Total+Excess Compensation (a + b) (d) Compensation Ratio (a/sum of a) Total Steps: Participant #1 Participant #2 1. Calculate 3% of total compensation (a) 2. Calculate 3% of excess compensation (b) 3. Calculate 2.7% of total plus excess compensation (c) 4. Allocate remaining contribution using compensation ratio (d) Total Contribution 1 $94,200 for This amount reflects the cost-of-living in effect on January 1, The amount is adjusted periodically and is announced in the Internal Revenue Bulletin. Employer contributions remaining after each step
12 Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA Underwriter of Pioneer mutual funds, Member SIPC 2007 Pioneer Investments pioneerinvestments.com
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Dear Member: Enclosed are the documents to establish your Simplified Employee Pension (SEP) at Navy Federal. An SEP allows a member employed by an employer or a self-employed member to initiate their own
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408 Page 1148 Pub. L. 98 369, set out as a note under section 62 of this title. EFFECTIVE DATE OF 1983 AMENDMENT Amendment by Pub. L. 98 21 applicable to plans established after Apr. 20, 1983, except that
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Putnam SIMPLE IRA Plan and Disclosure Statement Putnam SIMPLE Individual Retirement Trust Account Plan...1 Putnam SIMPLE IRA Disclosure Statement...16 Form 5305-S (Rev. March 2002) Department of the Treasury
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Please complete this application to establish a new SIMPLE IRA. This application must be preceded or accompanied by a current Disclosure Statement and Custodial Agreement. For Additional Copies or Assistance
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See the instructions for Self-Directed Traditional Roth, Rollover & SEP IRA in Section 4 of the application package. Check One: New Contribution Year 20 Transfer from another IRA Check One: Traditional
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Supplement to IRA Custodial Agreements Effective December 31, 2014, the update below will be made to the American Century Custodial agreements for the following retirement accounts: Traditional IRAs, Roth
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Artisan Funds IRA Account Application use this application to establish an artisan Funds ira account. there is an acceptance fee of $5.00 and an annual maintenance fee of $15.00. to transfer your ira directly
Pioneer 403(b) Withdrawal Request 2 Pioneer Investments Retirement Plans 403(b) Withdrawal Request Use this form to request a withdrawal from your Pioneer 403(b) account. Mail to Pioneer Funds, P.O. Box
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