Rocky, age $28,$ terminated employment with Apollo Brothers on April $30$ this year $(2023).$ Before terminating employment, Rocky had earned $$25,000$ of compensation and deferred $$6,000$ to the SIMPLE sponsored by Apollo Brothers. If during the remaining months of $2023$ Rocky earns $$40,000$ from his new employer who sponsors a $401($k$)$ plan, Rocky may defer up to $$22,500$ of the $$40,000$ of compensation to their $401($k$)$ plan.

Group of answer choices

True

False