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Simple English definitions for legal terms

Simplified Employee Pension plan

Read a random definition: Environmental Protection Agency

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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