Which of the following statements is (are) true?
I. A SEP requires the plan sponsor to provide at least a 100% match up to 3% of all employee deferrals.
II. A SEP plan can be established by employers who employ more than 100 employees who earn $5,000 or more during the preceding calendar year.
III. SIMPLEs can be either contributory or noncontributory plans, whereas newly established SEP plans are always noncontributory.
IV. An employer who wants to share the responsibility of retirement plan funding should establish a SIMPLE rather than a SEP.
A 4 only.
B 2 and 3.
C 1, 2, and 4.
D 2, 3, and 4.