Simplified Employee Pension (SEP)

Simplified Employee Pensions (SEP) plans boost employee loyalty and create security for the self-employed.

A SEP allows you to provide retirement benefits without the expense of having an outside plan administrator. Setting up an Elevations SEP plan is quick and easy. Then, it’s as simple as making contributions to the Traditional Individual Retirement Accounts (IRAs) of each eligible employee. Once your contribution has been made, you, the employer, have no further responsibility for managing the funds. Each employee directs the investment within his or her own Traditional IRA Account.

SEP Benefits

  • No setup fee for the employer or employee.
  • SEP plan contributions are tax-deductible for the employer, and contributions made for employees are a business expense that reduces net profits.
  • Unlike most retirement plans, SEP plans do not require you to file any additional reports with the government.

SEP Resources

Simplified Employee Pension Plan - FAQs:

What is a Simplified Employee Pension Plan (SEP)?
Does the Credit Union offer IRAs that accept SEP contributions?
Does the Credit Union offer IRAs that accept SEP contributions?
Are SEP Plan contributions tax deductible?
Can prior-year contributions to a SEP Plan be made?
How long can SEP Plan contributions be made?
How are SEP contributions taxed?
Are minimum distributions required on a SEP Plan?
Does NCUA provide Insurance coverage for SEP IRA's?

Have a question?

Call us at 800.429.7626 or request a follow up from our Business Banking Team.

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