A Simplified Employee Pension (SEP IRA) is a type of employer sponsored retirement plan that allows the employer to save money for themselves and their employees on a tax-deferred basis. This type of plan offers low administrative costs and easier management than plans like a 401(k).
- Only the employer can make contributions
- Annual contributions are not required
- Employees are always 100% vested
- Penalty free distributions after 59 ½
- Required minimum distributions begin by 70
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