Ernie Guerriero
May 31 2001, 12:04 PM
A small LLC has three employees, Mom age 70, Daughter age 38 and Son-In-Law age 38. Can the Mom waive out of the SIMPLE-IRA?
Deena
Jun 4 2001, 01:17 PM
If they have a SIMPLE IRA with a MATCH and not the non-elective then Mom just chooses not to salary defer and then there is no match to her so in essence she has opted out. If there were the 2% non-elective contribution by the employer then she would be included.
Ernie Guerriero
Jun 8 2001, 01:25 PM
Deena,
Thank you for your response.
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