SEP IRA – Simplified Employee Pension

A SEP IRA is a retirement plan that an employer can establish for themselves or their employees. Businesses of any size can set up and contribute directly to the individual’s SEP-IRA account.

  • Employer established and funded simplified IRA
  • Employer must contribute equal percentage for all eligible employees up to 25% of their compensation
  • Contributions are not required annually
  • Must be 21 years old and have been in your employment at least 3 of the previous 5 years.
  • Business owners may establish for their own benefit
  • Tax-deferred growth, Tax-deductible contributions
  • All distribution rules of a Traditional IRA apply
  • Competitive rates

SEP Contribution Limits

Year

Maximum Contribution

2018

$55,000

2019

$56,000

2020 and on

Indexed with Inflation

 

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