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Set up an IRA account for each employee.Give employees certain information about the agreement.Execute a written agreement to provide benefits to all eligible employees.There are three steps to establishing a SEP. These accounts will receive the contributions you make to the plan. The first action you'll need to take is to choose a financial institution to serve as trustee of the SEP-IRAs that will hold each employee's retirement plan assets. In-Service Withdrawals: Yes, but includible in income and subject to a 10% additional tax if under age 59 1/2. The assets may not be used as collateral. Who Contributes: Employer contributions only.Ĭontribution Limits: Total contributions to each employee's SEP-IRA are limited.įiling Requirements: An employer generally has no filing requirements. Employer must contribute equally for all eligible employees.Flexible annual contributions – good plan if cash flow is an issue.Jed, an employee, cannot contribute because SEPs only permit employer contributions. Jed decides to divide the contribution to his SEP-IRA among three of the available funds.

The financial institution that Rambling RV has chosen for its SEP has several investment funds from which to choose. Rambling RV's contribution rate (whether large or small) must be uniform for all employees. In good years, Rambling RV can make larger contributions for its employees and in down times it can reduce the amount. Rambling RV has chosen a SEP because the RV industry is cyclical in nature, with good times and down times.

Rambling RV decides to establish a SEP for its employees.

Employee is always 100% vested in (or, has ownership of) all SEP-IRA money.

To traditional IRAs (SEP-IRAs) set up for each eligible employee.

If Form 5305-SEP is used, cannot have any other retirement plan (except another SEP).Easily established by adopting Form 5305-SEP PDF, a SEP prototype or an individually designed plan document.A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee's pay. Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A business of any size, even self-employed, can establish a SEP. A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees.

SepPDF 3.70 download the last version for apple