What Is a SEP?

A simplified employee pension (SEP) is a written arrangement (a plan) that allows an employer to make deductible contributions for the benefit of participating employees. The contributions are made to individual retirement arrangements (IRAs) set up for participants in the plan. Traditional IRAs set up under a SEP plan are referred to in this publication as SEP-IRAs. For more information, see Publication 560, Retirement Plans for Small Business.

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