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SIMPLE Retirement Account Merrill Edge’s™ savings incentive match plan for employees (SIMPLE) retirement account is a cost-effective retirement program that offers an employee salarydeferral contribution feature along with an employer contribution. When should you consider a SIMPLE? ƒƒConsider a SIMPLE if your business has steady income and your employees want to make contributions to a retirement plan. Benefit from investment choices and flexibility ƒƒParticipants have complete control over their assets and may invest in a variety of investment options. ƒƒAll contributions are 100% vested immediately. What are the benefits of a SIMPLE? Who can establish a SIMPLE? For employers: Reduce fees and paperwork ƒƒNo start-up or annual program administration fees. ƒƒGenerally, self-employed individuals and employers who do not maintain any other retirement plan and who have 100 or fewer employees receiving at least $5,000 in compensation for the preceding plan year are eligible. ƒƒNo ADP or top-heavy testing requirements. ƒƒInternal Revenue Service Form 5500 filing is not required. Gain tax advantages ƒƒProgram contributions generally are tax-deductible as a business expense. ƒƒIf eligible, you may take a nonrefundable income tax credit for 50% of the first $1,000 of administrative and retirement education expenses you may incur in each of the plan’s first three years. For participants: Gain tax advantages ƒƒContributions and investment earnings have the potential to grow tax-deferred until withdrawal. An employer generally will not be eligible if any contributions were made or benefits were accrued to a qualified retirement plan maintained by the employer during the year in which the SIMPLE will be in effect. Who can participate in a SIMPLE? ƒƒAny employee who received $5,000 or more in compensation in any two preceding calendar years and who is reasonably expected to receive at least $5,000 in the current year is eligible. You may adopt less restrictive eligibility requirements. ƒƒIndividuals who make salary-deferral contributions may qualify for a nonrefundable income tax credit of up to $1,000 for individuals or $2,000 if filing jointly. For Plan Sponsor Use Only. See reverse side for important information. Merrill Edge is the marketing name for two businesses: Merrill Edge Advisory Center, which offers team-based advice and guidance brokerage services; and a self-directed online investing platform. Both are made available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S). Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation. MLPF&S makes available investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation or in which Bank of America Corporation has a substantial economic interest, including BofA™ Global Capital Management, BlackRock, and Nuveen Investments. Merrill Lynch E-Contribs for Small Business Retirement Accounts is a trademark of Bank of America Corporation. Merrill Edge is a registered trademark of Bank of America Corporation. SIMPLE Retirement Account What are the contribution guidelines? For employers: Employers must contribute annually, either: ƒƒA flat 2% of compensation for each eligible employee, regardless of participation, or ƒƒA dollar-for-dollar match of employee salary-deferral contributions capped at 3% of compensation (may be reduced to as low as 1% in any two years during a fiveyear period). ƒƒEmployer contributions must be made annually by the employer’s tax-filing deadline, including extensions. For employees: ƒƒEmployees can defer up to $11,500 of compensation annually.* ƒƒEmployees age 50 and older can defer an additional catch-up contribution of up to $2,500.* ƒƒRollover contributions from other SIMPLE IRAs are permitted. ƒƒEmployees can elect to participate in the plan or modify existing salary-deferral elections within 60 days of the start of each plan year, and they can discontinue their salary-deferral contribution at any time. ƒƒEmployees must be notified by the employer annually of their right to begin making salary-deferral contributions, or to revoke or modify existing contributions. How are distributions from a SIMPLE taken? ƒƒDistributions are subject to ordinary income tax. ƒƒDistributions taken prior to age 59½ are subject to an additional 10% early withdrawal penalty tax, unless certain exceptions apply. ƒƒDistributions taken within two years of initial participation generally are subject to a 25% early withdrawal penalty tax. ƒƒRequired minimum distributions must begin after the participant reaches age 70½. What else do you need to know? ƒƒIn order to fund a SIMPLE plan for the current year, the plan must be established by Oct. 1 of that year. ƒƒA SIMPLE must be maintained on a calendar-year basis. ƒƒAn eligible employer who adopts the SIMPLE and who fails to be an eligible employer in a subsequent year will be treated as an eligible employer for the following two years. ƒƒThe SIMPLE is considered an employer-sponsored retirement plan. Therefore, an individual’s eligibility to make deductible contributions to a traditional IRA may be reduced or eliminated by participation in the SIMPLE. ƒƒAfter a two-year waiting period has been satisfied, employees may transfer or roll over SIMPLE assets to a traditional IRA or another employer-sponsored retirement plan or convert them to a Roth IRA. What time-saving services are available? ƒƒMerrill Lynch provides multiple time-saving services that allow you to focus more on your business and less on administrative tasks. The Merrill Lynch E-Contribs for Small Business Retirement Accounts™ service provides an easy and convenient web-based solution for making employer contributions to retirement plan accounts at no additional charge. ƒƒThe Automated Investment Program service provides a systematic way to invest in mutual funds on a schedule based on your needs. ƒƒManaged money solutions offer discretionary, fee based investment services. How can you get started? If you’re ready to help yourself and your employees save for retirement using a flexible, tax-deferred plan, call a Merrill Edge Financial Solutions Advisor to discuss Merrill Lynch’s SIMPLE program. A Financial Solutions Advisor is committed to understanding your specific needs and can help you develop customized strategies designed to meet the retirement planning objectives of you and your employees. If you’re already a client, contact a Merrill Edge Financial Solutions Advisor at 1.888.ML.INVEST (1.888.654.6837). For your convenience, please have your account number ready when you call. Interested in becoming a client? Please call 1.888.MER.EDGE (1.888.637.3343) or visit us online at merrilledge.com. * Contribution limits apply for 2011. Amounts for subsequent years may vary. For Plan Sponsor Use Only. Any information presented about tax considerations affecting client financial transactions or arrangements is not intended as tax advice and should not be relied on to avoid any tax penalties. Neither Merrill Edge nor its Financial Solutions Advisors provide tax, accounting or legal advice. Clients should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with their personal professional advisors. © 2011 Bank of America Corporation. All rights reserved. | ARW0O224 | 00-66-0224B | SHEET-01-10-8211 | 01/2011