Grayson works for a small business. His employer established a SIMPLE IRA for each employees retirement. All the following statements regarding the SIMPLE plan are correct, except: Select one: a. SIMPLE plans include SIMPLE IRA and SIMPLE 401(k).

b. An employer with 100 or fewer employees who earned $5,000 or more is eligible to set up a SIMPLE plan for the employees.

c. All plan participants must be 21 years of age or older.

d. A SIMPLE plan is a written agreement between the taxpayer and the employer that allows the taxpayer to choose to reduce his compensation by a certain percentage each pay period.