Simplified Employee Pension Plan (SEP-IRA)

A SEP-IRA is an account designated for small business or self-employed persons to set up a retirement plan for themselves and employees.

Qualifications:

• Any self employed individual qualifies to contribute to a SEP-IRA.
• If the employer has employees, then the employer must contribute for all eligible employees. Eligibility requirements are set by the employer. Minimum requirements are provided by the IRS.

 Contributions:

• The employer can make annual contributions for himself/herself and eligible employees of the lesser of $55,000.00 or 25% of the first $275,000.00 of compensation.
• The contribution deadline is the employer’s tax filing deadline plus extensions.
• The employer must contribute the exact same percentage of compensation for each employee as he does for himself/herself.

FOR DETAILED INFORMATION ABOUT ANY OF OUR ACCOUNTS, PLEASE CONTACT US FOR A COMPLETE ACCOUNT DISCLOSURE.