Gary was just hired by an employer that maintains a SIMPLE IRA for its employees. Which of the following statements regarding Gary's participation in the SIMPLE IRA is CORRECT?

Question 9 options:

	The annual employer match may be limited to 1% of employee compensation each year
	Gary may only defer $6,000 into the SIMPLE IRA if he is younger than age 50
	Covered compensation is limited to $285,000 for a SIMPLE IRA in 2020 if the employer elects a 3% match
	When Gary participates in the plan, he will be 100% vested in his employers contributions