A Company That Maintains a SIMPLE-401(k) Has the Option of Funding

question 24

Multiple Choice

A company that maintains a SIMPLE-401(k) has the option of funding the plan by
I.Contributing 2% of an employee's salary up to a maximum of $5,500.
II.Match the employee's contribution up to a maximum of 3 percent of the employee's compensation with a maximum contribution of $12,500.
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• A)Only I is correct.
• B)Only II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Unethical Behaviour

Actions that violate moral or professional principles, often harming others or compromising ethical standards.

High Need for Power

Refers to individuals who have a strong desire to influence, control, or command over others.

Ethical

Pertaining to or dealing with morals, the principles of morality pertaining to right and wrong conduct.

Older People

This term relates to individuals who are in the later stage of their life, typically regarded as being from the retirement age onwards.