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.
A SIMPLE IRA is funded by employer contributions and elective employee income deferral. An employer is generally required to either:
Employer contributions are deductible as business expenses. Employers must continue to make matching or non-elective contributions to employees’ SIMPLE IRAs even after an employee reaches age 72. Employers may not exclude employees from participating in a SIMPLE IRA plan based solely on their age.
A SIMPLE IRA follows the same investment, distribution, and rollover rules as traditional IRAs. <br><br>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. A salary reduction contribution is an amount an employee elects to have contributed to his or her SIMPLE IRA, rather than paid in cash.
Employees can contribute a maximum of amount annually; the maximum is increased periodically to account for inflation. Check with your tax advisor for current contributions.
Those nearing retirement, ages 50 and older, may make an additional catch-up contributions in addition to the annual limit.
There are tax benefits to contributions as well as tax-deferred growth potential for participants/employees.
Your employer cannot require you to retain any portion of the contributions in your SIMPLE IRA or otherwise impose any withdrawal restrictions.
The rules for withdrawal for SEP are the same as for a Traditional IRA, meaning, withdrawals can be made at any time, however a 10% early withdrawal penalty may apply if you are under the age of 59½. 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:
Tax-free rollovers and transfers of funds from a SIMPLE IRA to another retirement account 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 Otherwise, you’re considered to have withdrawn the amount and you must: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