Form 5305-A-SEP

(redirected from Form 5305ASEP)

Form 5305-A-SEP

A model form published by the IRS that is used to set up the terms of a salary reduction SEP plan, which is an SEP plan in which an employer withholds a portion of the employee's salary and deposits it into the plan. An employer uses a separate Form 5304-A-SEP for each employee. It is kept for the employer's own records. It is not filed with the IRS.
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Note also that under the IRS SARSEP document (Form 5305ASEP), the plan is automatically deemed to be top-heavy, therefore requiring profit-sharing contributions whenever a key employee contributes.