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Simplified Employee Pension (SEP)
A SEP is similar to a profit sharing plan in terms of the
amount that can be contributed to the plan.
However, unlike a profit sharing plan, employer
contributions are deposited into an individual
retirement account in the name of the participant.
Withdrawal restrictions that generally apply to
profit sharing plans do not apply to these types of
accounts and the IRA rules govern instead.
A SEP can require as much as three years of
employment in the immediately preceding five
years. However, employees are considered to have
had a year of employment if they earn at least $450
in compensation. Once an employee meets the
specified requirements, they are fully vested in their
accounts when contributions are made.
Establishing a SEP can be as easy as completing an
IRS Form 5305-SEP. Tax returns are not required on
this type of plan; however, the plan sponsor may
need some assistance from a third party
administrator in order to accurately calculate the
contributions that can be made on an annual basis.
amount that can be contributed to the plan.
However, unlike a profit sharing plan, employer
contributions are deposited into an individual
retirement account in the name of the participant.
Withdrawal restrictions that generally apply to
profit sharing plans do not apply to these types of
accounts and the IRA rules govern instead.
A SEP can require as much as three years of
employment in the immediately preceding five
years. However, employees are considered to have
had a year of employment if they earn at least $450
in compensation. Once an employee meets the
specified requirements, they are fully vested in their
accounts when contributions are made.
Establishing a SEP can be as easy as completing an
IRS Form 5305-SEP. Tax returns are not required on
this type of plan; however, the plan sponsor may
need some assistance from a third party
administrator in order to accurately calculate the
contributions that can be made on an annual basis.
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| Benefit Plans Services Inc., offers retirement plans, 401k Plans, 403b Plans, Age-Weighted Plans, Davis bacon Plans, Money Purchase Plans, New Comparabillity Plans, Profit Sharing Plan, Safe Harbor 401k Plans, SEP Plans, Simple 401k Plans, Thrid Party 401k We are a third party retirement plan provider located in Huntington WV, throughout the Tri-State Valley, We are a full service benefits consulting firm providing a wide range of retirement services in ARIZONA, AZ, ARKANSAS, AR, CALIFORNIA, CA, COLORADO, CO, CONNECTICUT, CT, DELAWARE, DE, DISTRICT OF COLUMBIA, DC, FLORIDA, FL, GEORGIA, GA, HAWAII, HI, IDAHO, ID, ILLINOIS, IL, INDIANA, IN, IOWA, IA, KANSAS, KS, KENTUCKY, KY, LOUISIANA, LA, MAINE, ME, MARYLAND, MD, MASSACHUSETTS, MA, MICHIGAN, MI, MINNESOTA, MN, MISSISSIPPI, MS, MISSOURI, MO, MONTANA, MT, NEBRASKA, NE, NEVADA, NV, NEW HAMPSHIRE, NH, NEW JERSEY, NJ, NEW MEXICO, NM, NEW YORK, NY, NORTH CAROLINA, NC, NORTH DAKOTA, ND, OHIO, OH, OKLAHOMA, OK, OREGON, OR, PENNSYLVANIA, PA, PUERTO RICO, PR, RHODE ISLAND, RI, SOUTH CAROLINA, SC, SOUTH DAKOTA, SD, TENNESSEE, TN, TEXAS, TX, UTAH, UT, VERMONT, VT, VIRGIN ISLANDS, VI, VIRGINIA, VA, WASHINGTON, WA, WEST VIRGINIA, WV, WISCONSIN, WI and WYOMING, WY. We serve the communities of Ashland, Russell, Greenup Paintsville, Louisa, Prestonsburg, Pikevile, Chesapeake, Proctorville, Ironton, South Point, Portsmouth, Gallipolis, Jackson, Coal Grove, Rockhill, Huntington, Barboursville, Milton, Ona, Hamlin, West Hamlin, Branchland, Ranger, Winfield, Teays Valley, Lesage, Apple Grove, Logan, Williamson, Kermit, Cross Lanes, Winfield, Dunbar, St. Albans, Ravenswood, Parkersburg, Point Pleasant, Kenvoa, Ceredo, Wayne, Lavalette, Charleston, Cross Lanes, Beckley, Buffalo, Morgantown, Clarksburg and the Tri-State |