All of the following are true statements about contributions to SIMPLE IRA plans EXCEPT

• A.Employer contributions have to be expressed as a percentage of the employees compensation and cannot exceed $13,500 in 2020 for employees under age 50.

• B.Unless an election is made otherwise, the employer must match the elective contribution of an employee in an amount not exceeding 3% of the employees compensation.

• C.An employer may elect to limit its matching contribution for all eligible employees to a smaller percentage of compensation, but not less than 1%.

• D.An employees SIMPLE IRA contribution cannot exceed 3% of the employees compensation.