Yes, you can set up a SIMPLE IRA even if your business belongs to a control group, but you must follow specific rules:
Key Requirements:
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All eligible employees from ALL businesses in your control group must be included in the SIMPLE IRA plan
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Your combined control group must have 100 or fewer employees who received $5,000 or more in compensation during the previous calendar year
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None of the businesses in your control group can maintain another qualified retirement plan
Important Steps:
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Count all employees across all related businesses
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Include all eligible employees from each business in the control group
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Apply the same contribution rules consistently across all businesses
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Ensure proper documentation of control group status