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Which of the following statments is correct concerning the benefits of a SIMPLE plan when compared to a SEP? A. SIMPLE plans and SEPs are

Which of the following statments is correct concerning the benefits of a SIMPLE plan when compared to a SEP?

A. SIMPLE plans and SEPs are equivalent plans.

B. The contribution limits are the same for both plans.

C. There are lower contribution limits for the SIMPLE plan.

D. SIMPLE plans allow an employee to defer a portion of their salary.

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