Pension plans are subject to excess contribution penalties. Which of the following are correct?

I. There is an excess contribution penalty for IRAs or Roth IRAs that equal 6% of the amount in excess of $6,000 or value of an individual's IRA at the close of the tax year, whichever is less.

II. A 10% excess contribution penalty to IRAs and Roth ORAs.

a. Only statement I is correct

b. Only statement II is correct

c. Both are correct

d. Neither are correct