SEP is a Simplified Employee Pension plan. Because this is a simplified plan, the administrative costs should be lower than for more complex plans. Under a SEP, employers make contributions to Traditional Individual Retirement Arrangements (IRAs) set up for employees (including self-employed individuals), subject to certain limits.
Choosing the Right Retirement Plan for your business
SEP, SIMPLE* IRA, and Individual(k) Plans
Health Savings Accounts for Employers
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* NDFCU does not offer Simple IRAs