Grayson works for a small business.His employer established a SIMPLE IRA for each employee's retirement.All the following statements regarding the SIMPLE plan are correct,except:

Select one:

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

b.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.

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

d.SIMPLE plans include SIMPLE IRA and SIMPLE 401(k).