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Employer-offered Simplified Employee Pension (SEP) Plans: How to stay in compliance


Many small business owners establish a Simplified Employee Pension (SEP) plan as a retirement savings vehicle for themselves and, if qualified, their employees. We often think of these plans to be simple to implement and adhere to regulatory standards, because that’s how they are designed to operate.  However, being out of compliance can be very costly, so business owners who organize an SEP plan should adhere to the following best practices:

Should your SEP plan come under scrutiny from the IRS Plan unit, there are remedies to fix SEP plans that are out of compliance.  Please contact your ShindelRock tax professional [2] for more information about SEP plans and the regulatory guidelines that govern them.