simplified employee pension
(SEP)
In the United States, a pension plan in which an
employer contributes money to an individual retirement account (IRA)
for each employee covered by the plan. The IRA is owned by the
employee, not the
employer. A SEP is especially useful
to employers who cannot
afford the time
or
money
needed
to administer and maintain a more complicated
pension plan.
SEPs may also be used by
self-employed persons.
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