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What is a Simplified Employee Pension (SEP) plan?

April 26, 2017employee Pension Plan SEP simplified

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What is a Simplified Employee Pension (SEP) plan?

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A SEP is a retirement plan for small businesses and the self-employed that enables employers to make discretionary contributions for themselves and their employees. Contributions generally are not taxable to plan participants until withdrawn and may be tax deductible for the employer.