1.


Using the definition of a Simple IRA arrangement, discuss when one might want to engage into this type of IRA vehicle, and what the expected benefits might be over a traditional or Roth IRA account.


2.


Using the definition of a Simple IRA arrangement, discuss how a qualified salary reduction arrangement might impact this decision?


3.


What are some of the qualifiers that are used to determine an employee’ eligibility for a Simple IRA?


4.


How does an employer determine if they are eligible to start a Simple IRA plan for their employee?


5.


5. When considering vesting requirements, what types of rules apply for Simple IRA accounts?


6.


Explain the different trustee administrative requirements that might apply to a simple IRA?


7.


7. Describe the differences between a Coversdell ESA and the different forms of IRA accounts?


8.


Explain the different requirements that might apply to determine both an employer and employee’s eligibility for a Coverdell ESA?


Professional Development Question


Using the knowledge gained in this lesson, explain the differences between a Simple IRA, Coverdell ESA, and Traditional and Roth IRA accounts as mediums for retirement planning both from an employer standpoint, and employee standpoint. Then choose one form here and explain the consequences you might expect if you do not keep up the proper paperwork for the plan over time? What might happen?