Which of these statements regarding plan requirements for SIMPLE IRAs is false? O The employer must notify participants that they have a 60-day election period just prior to thecalendar year end in order to make a salary deferral election or modify a previous election for the following year. To establish a SIMPLE IRA, a business cannot have more than 100 employees (only countingthose who earned $5,000 or more of compensation). O All eligible employees have the opportunity to make elective pretax contributions of up to $15,000 for 2023 or $18,000 if age 50 or older. Unlike traditional IRAS, assets can be invested in life insurance