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Simplified Employee Pension Plan
Simplified employee pension plan (SEP).
An SEP is a qualified retirement plan set up as an individual retirement arrangement (IRA) in an employee's name.
You can establish an SEP for yourself if you own a small business, or you may participate as an employee if you work for a company that sponsors such a plan.
The federal government sets the requirements for participation, the maximum annual contribution limits, and the rules governing withdrawals.