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PAGE 4B PICKENS COUNTY PROGRESS THURSDAY. APRIL 8, 2004
Miss Draca Crowned
Jenny Carswell, Miss Draca Queen
Ashley Burdick being crowned as Miss Draca Princess.
The 2004 Miss Draca Pageant
was held on Monday, February 23,
2004 in the Tate, Benson, Davis
Auditorium at Pickens High School.
The tenth annual Miss Draca
Pageant was a grand success with
more entrants than any preceding
year.
Twenty-two elegant young ladies
vied for the title of Miss Draca
Princess, an honor bestowed on
Miss Ashley Burdick. First runner-
up in the Princess division was Brit
ney Mooney and second runner-up
was Natalis Valdez.
There were fifteen contestants in
the Queen division. Miss Jenny
Carswell walked away with the title
of Miss Draca Queen. First runner-
up was Wynonna Rice and second
runner-up was Whitney Dockery.
Ashley Bates and Kaylee Siniard
thrilled the crowd with their spec
tacular musical entertainment.
Lusk Pools & Leisure Products
8521A Knox Bridge Hwy. Canton, Ga 30114
Hwy. 20W toward Cartersville
Locally-owned and operated since 1983
Licensed and insured
Quality work in a timely manner
In Grounds, Above Grounds, Spas and more!
Owners: Doug & Lisa Lusk
(770)479-9579
Call today for a free estimate
www.luskpools .com
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DIG-03181 FINANCIAL 10/02 Rev
JPF NET
Money Matters
The Simple Retirement Plan
For Small Businesses
Submitted by Louise Nelson, CFP
Nelson Planning Group, Inc.
Compared to regular 401(k)
plans, SIMPLE — Savings Incentive
Match Plan for Employees — plans
have more reasonable start-up
expenses and less restrictive compli
ance requirements. These advan
tages make it practical for certain
small employers to introduce a
retirement plan for their employees,
although it will not be as flexible as
a regular 401 (k) plan. Here is a
summary of the benefits and disad
vantages of starting a SIMPLE plan.
Limits on who can establish a
SIMPLE plan
To be eligible for a SIMPLE
plan, an employer can’t have anoth
er retirement plan and can’t have
more than 100 employees who
earned at least $5,000 compensation
in the previous year. For eligibility,
employees need at least $5,000 in
compensation from the employer in
any two past years, plus they must
be expected to earn at least $5,000
during the current year. Self-
employed individuals are also eligi
ble.
A SIMPLE plan’s main features
An employer can choose to set
up the SIMPLE plan as a 401 (k)
salary deferral plan or as an IRA for
each employee.
With an IRA SIMPLE plan, the
maximum annual employee contri
bution is $6,000 adjusted annually
for inflation. The employer has two
tax-deductible matching alterna
tives: (1) generally, the employer
must match 100 percent of employ
ee contributions up to 3 percent of
each individual’s compensation.
(The employer may also elect a
lower match that is no less than 1
percent of employee elective contri
butions. But this lower match option
can be used in only two out of any
five years.) (2) The employer can
contribute 2 percent of compensa
tion on behalf of each eligible
employee even if an employee
makes no elective contributions.
Employees’ elective contributions
are income-tax deferred.
The features of a 401(k)
SIMPLE plan
A 401 (k) SIMPLE plan allows
employees to make tax-deferred
contributions, up to an annual maxi
mum of $6,000. The employer, in
general, must match 100 percent of
employee elective contributions up
to 3 percent. Alternatively, the
employer must automatically con
tribute 2 percent of pay for each eli
gible employee.
An Employer’s benefits from a
SIMPLE plan
Employers frequently report they
do not offer a retirement plan
because of the testing and adminis
trative difficulties involved. Some
of those difficulties disappear with a
SIMPLE plan, which:
- Doesn’t have the special
nondiscrimination tests for 401(k)
plans — annual deferral percentage
and annual contribution percentage -
- or the top-heavy rules.
- Has less complicated reporting
requirements than for a standard
401 (k) plan.
- Does not require the employer
to monitor vesting requirements and
company participation.
- Gives companies whose
employment rises over the 100-
employee limit a two-year grace
period to change plans.
The disadvantages of a
SIMPLE plan
A SIMPLE plan also has a down
side because of:
- Mandatory ongoing cost. A
SIMPLE plan requires the employer
to make contributions.
- Annual limits on employee
deferrals that are lower than stan
dard 401(k) plans ($6,000 instead of
a 401(k)s $9,500 for 1997).
- Immediate 100 percent vesting
requirement in all company contri
butions for qualified employees,
regardless of the length of employ
ment.
- An early withdrawal penalty of
25 percent instead of a 401(k)s
usual 10 percent.
- Restrictions on introducing
another retirement plan while the
SIMPLE plan is in effect.
A decision specific
to your business
The ease of set-up and lower
compliance demands make a SIM
PLE plan appealing. But whether or
not a SIMPLE plan would be a good
move for your business is a decision
that must be based on your specific
circumstances and needs. Please talk
to us if you want to know more
about considering a SIMPLE plan
for your business.
If you have questions or com
ments about the information in this
article, please send them to Finan
cial Matters, c/o Nelson Planning
Group, 105 N. Main St., Ste. 2,
Jasper, Ga., 30143 or email nelson-
plangr@ ellijay.com.
Securities offered through Coor
dinated Capital Securities, Inc.,
member NASD/SIPC. Coordinated
Capital Securities and Nelson Plan
ning Group are not affiliated. This
column is produced by the Financial
Planning Association, the member
ship organization for the financial
planning community, and is provid
ed by Louise Nelson, a local mem
ber of the FPA.
ANNOUNCING NEW LOCATION
North Georgia Primary Care
Relocated to better serve the needs of
the community.
Now located at:
220 J. L. White Drive
Suite 110
Jasper, GA 30143
(beside new hospital)
706-253-3842
Bryan Hooker, M.D.
Board Certified Internal Medicine
Cathy Eaton, NP, C
Office Hours:
Monday - Tuesday 8:30am - 5pm
Wednesday - Closed
Thursday - Friday 8:30am - 5pm
Medicare, Medicaid, Private Pay and most major
insurances accepted.
Bell, Rollins & Rugh, LLC
Certified Public Accountants
Keith P. Bell, CPA
Richard C. Rollins, CPA
Dawn M. Rugh, CPA
And now welcoming Andrea D. Logan, CPA
Over 80 Years Combined Experience
We offer full accounting & tax services, estate planning &
consulting for both business and individuals. Our commitment is
to serve and to help our clients build a better future for
themselves and their businesses.
Please call 706-692-6536, or visit us at www.brrllc.com for
additional information about our firm and its staff.
Now offering full-day QuickBooks classes beginning in June. Please
contact Dawn Rugh, CPA for further information.
Owning Rental Property Is A Smart Decision!
Managing Tenants, Maintenance, and Late
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For Rent
Tony Orta
70 Antioch Road, Talking Rock, GA 30175
706-253-7235 or 404-218-7358
lsng@ellijay.com
Landlord Services of North Georgia, LLC