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Simple English definitions for legal terms

Simplified Employee Pension plan

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A quick definition of Simplified Employee Pension plan:

Simplified Employee Pension plan: A type of retirement savings plan that employers can set up for their employees. With a SEP-IRA, employers have the flexibility to limit contributions when business is bad. Only employers can contribute to a SEP-IRA, and they must do so at the same rate for all employees. The contributions are tax deductible and the annual contribution limits are higher than other types of retirement plans.

A more thorough explanation:

A Simplified Employee Pension plan, also known as SEP-IRA, is a type of Individual Retirement Account (IRA) that offers more flexibility to employers than a traditional IRA.

With a SEP-IRA, employers are not required to make annual contributions like a Simple IRA. Instead, they have the option to limit contributions when business is slow. Only employers can establish and contribute to a SEP-IRA, and they must do so at the same rate for all employees.

SEP-IRA contributions are tax-deductible for employers, and the plan has low maintenance costs. The annual contribution limit for a SEP-IRA is much higher than other IRAs, with employers being able to contribute up to the lesser of 25% of the employee's wages or $58,000 as of 2021.

For example, if an employer has ten employees and decides to contribute 10% of their salaries to their SEP-IRA accounts, they must contribute the same percentage to all employees. If an employee earns $50,000 per year, the employer can contribute up to $12,500 to their SEP-IRA account.

In summary, a SEP-IRA is a retirement savings plan that offers more flexibility to employers than a traditional IRA. Employers can contribute up to 25% of their employee's wages or $58,000, whichever is less, and the contributions are tax-deductible.

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why would you withdraw girl
15:38
@ImpartialLion: nah cuz there’s no way of knowing if they would’ve sent u an II later on
15:38
Isn’t uchicago like Top 4 tho
choosingpeace
15:38
@cumsock: they said there's like nothing to do there lol
choosingpeace
15:38
ive never been so i was just like ohhh
texaslawhopefully
15:38
UChicago is number one
^ period
u know it was a double thing. I missed II and my gf didn't want to live in the midwest anymore
15:39
But it’s fucking uchicago thooo LOL
15:39
I
15:40
Makes sense tho
cumsock
15:40
@choosingpeace: there’s plenty to do in Philly 😂 it’s a giant city
So after missing the II, I was like whatever. Maybe it's a sign to withdraw
nah making decisions off the gf is out of pocket
nahhhhh we been together since 10th grade
texaslawhopefully
15:40
I guess it depends what your goals are. If it's generic biglaw, CLS will get you the same outcome
6 yrs on January 30th
lilypadfrog
15:40
awwww <3 i love love
I also like CLS for liberal clerking. approx 41 FCOA clerks per yr
It's there if I excel. if not then I'm chill with sticking to BL
texaslawhopefully
15:41
CLS is not even close to Chicago for clerking lmao
choosingpeace
15:41
wait would yall pick CLS or penn?
I didn't apply to either but I would pick penn
15:42
penn bc im in state
no no it's not. But I wouldn't clerk conservative, so idk about Chi #s for myself
cumsock
15:42
Penn
texaslawhopefully
15:42
I guess that's fair. From what I've heard UChicago for conservatives is on par w/ HYS for clerkships
texaslawhopefully
15:42
not sure about for liberals
cumsock
15:43
They’re very similar tho
cumsock
15:43
Both t6 ivies
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