We have provided these FAQs as general guidance. IRAs of all types are subject to IRS eligibility, requirements and restrictions. Talk with your investment and tax advisors about your particular circumstances. Please see IRS Guidelines for information for the current tax year.
SIMPLE stands for Savings Investment Match Plan for Employees. This plan offers self-employed individuals and small businesses with 100 or fewer employees to set up tax-advantaged retirement plans. A SIMPLE IRA account follows the same investment, distribution and rollover rules as traditional IRAs.
It is funded by employer contributions and elective employee income deferrals.
A salary reduction contribution is an amount an employee elects to have contributed to his or her SIMPLE IRA, rather than be paid in cash.
An employer is generally required to either:
To participate in the plan, employees must have earned at least $5,000 in compensation in any two previous calendar years and be expected to earn at least $5,000 in the current year.
Each eligible employee may make a salary reduction contribution and the employer must make either a matching contribution or a non-elective contribution. No other contributions may be made under a SIMPLE IRA plan.
Employees can contribute a maximum amount; the maximum is increased periodically to account for inflation. See IRS Guidelines for current information.
Yes. Those nearing retirement, ages 50 and older may make an additional catch-up contributions. The total combined contributions for both SIMPLE IRA and 401(k) are subject to a combined limit and age guidelines. See IRS Guidelines for current information,
Yes. Employer contributions are deductible as business expenses.There is also tax-deferred growth potential and pretax contributions for participants/employees.
Yes, you must. Employees may not be excluded from participating in a SIMPLE IRA plan based solely on their age. Employees who are age 70 ½ or over may make salary deferral contributions to their SIMPLE IRAs. Employers must continue to make matching or non-elective contributions to employees’ SIMPLE IRAs even after an employee reaches age 72.
Yes. Your employer cannot require you to retain any portion of the contributions in your SIMPLE IRA or otherwise impose any withdrawal restrictions.
Withdrawals can be made at any time, however a 10% early withdrawal penalty may apply if you are under the age of 59 ½. This penalty increases to 25% tax if you withdraw within 2 years from the time you first participated in the plan.
Exceptions in which the additional 10% or 25% tax doesn’t apply are:
Yes. Tax-free rollovers are allowed to:
However, during the 2-year period beginning when you first participated in your employer’s SIMPLE IRA plan, you can only transfer money to another SIMPLE IRA. Otherwise, you’re considered to have withdrawn the amount and you must:
After the 2-year period, you can also rollover SIMPLE IRA money into a Roth IRA, but you must include it in your income.
The Fund invests in foreign securities, which involve greater volatility and political, economic, and currency risks and differences in accounting methods. It is possible that the Islamic Shari’ah restrictions placed on investments and reflected in the main investment strategies may result in the Fund not performing as well as mutual funds not subject to such restrictions.
Past performance is not indicative of future results.
Diversification does not assure a profit or protect against a loss in a declining market.
The Fund is not available for sale to investors residing outside the United States.
The prospectus contains more complete information, including risks, fees, and expenses related to an ongoing investment in the Fund. You may also receive the prospectus or summary prospectus by calling (877) 417-6161. Please read the prospectus carefully before you invest or send money.
While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.
Allied Asset Advisors, LLC, an SEC registered investment advisor, is advisor to Iman Fund.
Iman Fund is distributed by Quasar Distributors, LLC.
The Iman FundAllied Asset Advisors, Inc.8925 S. Kostner AvenueHometown, IL 60456
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Call: (877) 417-6161 Office: (630) 789-0453 Fax: (630) 789-9455