Simplified Employee Pension Plan
What is a Simplified Employee Pension plan?
A SEP is a retirement plan established by an employer. Each year, the employer can contribute a certain percentage of each eligible employee's compensation directly to their traditional IRA. A business owner, whether incorporated or not, may establish a SEP. Sole proprietors and partnerships can have SEPs even if there are no employees. Dollars contributed on behalf of yourself and your employees, within certain limits, are generally deductible as a business expense.
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