Which of the following statements is not correct with respect to SIMPLE plans? O A. The elective contribution amount by an employee for 2017 is $18,000 for those persons under 50 years of age. O B. The elective catch-up amount for employees 50 and older is $3,000 in 2017 The plan must be open to all employees who have received at least $5,000 in compensation O C. from the employer during any three preceding years A 25 % excise tax is imposed on any amount withdrawn during the first two years of participation in the SIMPLE plan. O D