Form 5305-SEP

Form 5305-SEP

A model form published by the IRS that is used to set up the terms of an SEP plan. An employer uses a separate Form 5305-SEP for each employee. It is kept for the employer's own records. It is not filed with the IRS.
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You can adopt one by using a SEP prototype furnished by a financial institution--or by executing an IRS Form 5305-SEP yourself--and creating an individual retirement account (IRA) for each eligible employee.
Envy can set up a SEP by completing Form 5305-SEP, Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement.
The association establishes a SEP-IRA plan using IRS Form 5305-SEP and contributes the same percentage of compensation for each eligible employee.