Which of the following statements is incorrect regarding the credit for small employer pension plan startup costs?

a. The maximum credit allowed each year is $500.

b. The credit is available for the first five years in which the new pension plan is offered.

c. The credit is not available to employers who have maintained a qualified pension plan during any of the past three years.

d. To be eligible for the credit, a new pension plan must be established.

e. All of the above statements are correct.