Simplified Employee Pension Plan | SEP Plan | Definition | What is a Simplified Employee Pension Plan?

Simplified Employee Pension Plan

Simplified Employee Pension Plan| SEP Plan | Definition

Simplified Employee Pension Plan, also known as SEP-IRAs. A retirement program designed to appeal to small companies, though it can be adopted by companies of any size. SEPs can be established by corporations, unincorporated partnerships and businesses, and by people who are self-employed.

Under a SEP, the employer sets up an IRA account for each employee eligible to participate. The account can be funded by the employer or by the employee having deferred compensation contributed to the account. Employees are only taxed when they withdraw money from their account.

For over 1,000 additional terms and definitions please see our Investment Glossary Guide.

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