SEP or SIMPLE. Making the Right Decision for Your Business

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1 SEP or SIMPLE Making the Right Decision for Your Business

2 SEP or SIMPLE Similarities Who may establish? Any Self-Employed Individual, Partnership, S Corporation, Corporation, Tax Exempt Organization or a State or Local Government Agency. Who controls the Investments? All accounts for a SEP or SIMPLE plan are funded with self-directed IRA Accounts. Are loans permitted? No. Applicable fees? There is an annual maintenance fee for these accounts, which does not include the fees you would pay on the trades you make. Ask your Morgan Stanley Financial Advisor or Private Wealth Advisor for information. What is the difference? This chart is not meant to be the sole document to describe both types of employer-funded IRA plans, but it illustrates some of the differences between these plans. The primary difference is the method of funding. The SEP is funded entirely by the business, whereas the SIMPLE is funded by both the employee through salary deferrals and the business. This basic difference is usually one of the main considerations in deciding between a SEP and a SIMPLE plan. It is recommended by Morgan Stanley that you consult your tax advisor when making a decision regarding the establishment of these plans or any other retirement plan. Your Morgan Stanley Financial Advisor or Private Wealth Advisor can provide you with the plan documentation and disclosures of either the SEP plan, the SIMPLE plan, or both for your review. The plan documents contain all the necessary information to allow you to establish a plan for your business.

3 Differences The chart below illustrates some of the key differences between the SEP IRA and the SIMPLE IRA. Establishment deadline SEP IRA Date for filing tax return of plan sponsor, including extensions, for the year the contributions are made. SIMPLE IRA October 1st of the year for which contributions will be made. A new employer coming into existence after October 1 can establish a SIMPLE plan as soon as administratively feasible after employer comes into existence. Employee eligibility Employees (including owner) who are 21 or older and have worked for three out of the immediately preceding five years, and will earn at least $550 in 2012.* Employees (including owner) who received compensation of $5,000 or more in any two prior years and who are expected by the employer to receive $5,000 in compensation in the current year. Employee salary reduction contributions Not permitted. Lesser of 100% of compensation (after reduction for applicable taxes) or $11,500 for 2012.* Employer contribution Discretionary each year. Same contribution formula for all eligible employees. Required. Must match employee contributions up to 3% of compensation. May be reduced to not less than 1% in two of any five consecutive years or make nonelective contribution for all eligible employees of 2% of compensation. Maximum potential contribution $50,000 for 2012.* $23,000 for 2012.** Participants who are 50 or older may defer an additional catch-up contribution of $2,500 for Can be combined with another employer-sponsored retirement program? Employer may maintain any other plan in the same year within funding and coverage limits. Employer may not maintain any other plan in the same year. * Subject to cost of living increases. ** Subject to cost of living increases. Amount represents a maximum salary deferral contribution of $11,500 and an employer match of $11,500 (3% of $383,334).

4 You work hard to maintain your business and satisfy your clients you also need to meet your needs as well as the needs of your employees. You and your employees need to know that the hard work you perform will be rewarded. One of the ways to see your hard work pay off is by maintaining a retirement plan for your business. There are many programs available to employers. This brochure focuses on the two IRA plan types SEP (Simplified Employee Pension) Plan and SIMPLE (Savings Incentive Match Plan for Employees).

5 Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC ( Morgan Stanley ), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not fiduciaries (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise agreed to in writing by Morgan Stanley. This material was not intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account Morgan Stanley Smith Barney LLC. Member SIPC. NY CS /12 KP PS-2474

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