A SEP-IRA (Simplified Employee Pension-Individual Retirement Account) or Simplified Employee Pension plan, is a name given to a retirement plan available to self-employed people and small business owners.
Eligibility for establishing a SEP-IRA
Sole proprietors, those in partnerships, and business owners of unincorporated or incorporated businesses, including S corporations are eligible for establishing a SEP-IRA are.
Start up and administration of the plan is less expensive
Compared to the other traditional pension plans start up and administration of the plan is less expensive. There is relatively little paperwork , and no need for any annual reports to the IRS.
