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What is a SEP plan?

SEP Plan
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John Stancil
SEP stands for Simplified Employee Pension, and may be used to fund an IRA for the business owner and employees. Hence, it is frequently referred to as a SEP-IRA plan. Limits are 25% of an employee's compensation, not to exceed $53,000. The record-keeping and reporting requirements are simpler than for a 401(k) plan.
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