qbteachmt
Level 15

The Plan is established by the business.

The Accounts are owned by individuals.

Set-up steps for a SEP

There are three steps to establishing a SEP.

  1. Execute a written agreement to provide benefits to all eligible employees.
  2. Give employees certain information about the agreement.
  3. Set up an IRA account for each employee.

https://www.irs.gov/retirement-plans/establishing-a-sep

 

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