Publication 560 - Retirement Plans For Small Business - 2001
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26Publication 560
Contents
Cat. No. 46574N
Important Changes for 2001 . . . . . . . . . 1
Department
Retirement
of the
Important Changes for 2002 . . . . . . . . . 2
Treasury
Plans
Important Reminders . . . . . . . . . . . . . . 3
Internal
Revenue
Introduction . . . . . . . . . . . . . . . . . . . . . 3
Service
for Small
1. Definitions You Need To Know . . . . . 4
2. Simplified Employee Pension
Business
(SEP) . . . . . . . . . . . . . . . . . . . . . . . 6
Setting Up a SEP . . . . . . . . . . . . . . . 6
How Much Can I Contribute? . . . . . . . 7
Deducting Contributions . . . . . . . . . . 7
(SEP, SIMPLE, and
Salary Reduction Simplified
Qualified Plans)
Employee Pension
(SARSEP) . . . . . . . . . . . . . . . . . 8
Distributions (Withdrawals) . . . . . . . . 9
Additional Taxes . . . . . . . . . . . . . . . 9
Reporting and Disclosure
For use in preparing
Requirements . . . . . . . . . . . . . . 9
2001
Returns
3. SIMPLE Plans . . . . . . . . . . . . . . . . . . 9
SIMPLE IRA Plan . . . . . . . . . . . . . . . 10
SIMPLE 401(k) Plan . . . . . . . . . . . . . 12
4. Qualified Plans . . . . . . . . . . . . . . . . . 12
Kinds of Plans . . . . . . . . . . . . . . . . . 13
Setting Up a Qualified Plan . . . . . . . . 13
Minimum Funding Requirement . . . . . 14
Contributions . . . . . . . . . . . . . . . . . . 14
Employer Deduction . . . . . . . . . . . . . 15
Elective Deferrals (401(k) Plans) . . . . . 16
Distributions . . . . . . . . . . . . . . . . . . 16
Prohibited Transactions . . . . . . . . . . . 18
Reporting Requirements . . . . . . . . . . 19
Qualification Rules . . . . . . . . . . . . . . 20
5. Table and Worksheets for the
Self-Employed . . . . . . . . . . . . . . . . 21
6. How To Get Tax Help . . . . . . . . . . . . 23
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Important Changes
for 2001
Notification of significant benefit accrual
reduction. For plan amendments taking effect
after June 6, 2001, the employer or the plan will
have to pay an excise tax if both the following
apply.
•
A defined benefit plan or money purchase
pension plan is amended to provide for a
significant reduction in the rate of future
benefit accrual.
•
The plan administrator fails to notify each
affected participant and alternate payee,
and each employee organization repre-
senting them, of the reduction in writing.
For more information, see Notification of Signifi-
cant Benefit Accrual Reduction in chapter 4.
Third-party authorization. You can check a
box and authorize the IRS to discuss your Form
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