Simplified Employee Pension Plan. A plan under which the Employer makes contributions for eligible Employees pursuant to a written formula. Contributions are made to an individual retirement account which meets the requirements of Code Section 408(k).
Simplified Employee Pension Plan. Contributions may be made into a Depositor’s Custodial Account by an employer pursuant to an employer sponsored Simplified Employee Pension (SEP) Plan as described in section 408(k) of the Code provided the contributions of such employer on behalf of a Depositor shall not exceed in any year, the lesser of 25% of the Depositor’s compensation from each such employer or the maximum dollar amount in effect for the year pursuant to Code section 415(c), as adjusted for cost of living adjustments ($40,000 for 2002; $41,000 in 2002 if the employer’s plan is a SEP plan with an elective salary deferral provision and the Depositor is age 50 or older in the year of the contribution) and provided no more than the maximum amount of compensation, as indexed for cost of living adjustments, is taken into account pursuant to Code section 401(a)(17) (The maximum amount of compensation that can be taken into account in 2002 is $200,000). Employer contributions for any taxable year shall be made with respect to the Depositor on or before the due date for the filing of the employer’s federal income tax return for such taxable year (including extensions thereof). The Custodian may, but need not, require that any Custodial Account in receipt of employer contributions made pursuant to an employer sponsored SEP Plan be designated as a "Simplified Employee-Pension-Individual Retirement Account" or "SEP IRA."
Simplified Employee Pension Plan. (a) The custodial account may accept contributions made through a Simplified Employee Pension Plan ("SEP") under Section 408(k).
(b) The provisions of Section 408(k) and the surrounding regulations for proper maintenance of a SEP are the responsibility of the Depositor's employer. The Custodian shall have no liability with respect to the operation of the SEP.
(c) The Custodian may require written documentation from the Depositor that the SEP has been properly established before accepting a SEP contribution to the custodial account.
Simplified Employee Pension Plan. A plan under which the Employer makes contributions for eligible Employees pursuant to a written formula. Contributions are made to an individual retirement account which meets the requirements of Code Section 408(k).
1. 100 Sponsor SBERA, or any successor(s) or assign(s).
1. 101 Spouse The individual to whom a Participant is married, or was married in the case of a deceased Participant who was married at the time of his or her death. A former Spouse will be treated in the same manner as a Spouse to the extent provided under a Qualified Domestic Relations Order as described in Code Section 414(p).
Simplified Employee Pension Plan. An IRA may also be used in connection with a Simplified Employee Pension Plan established by your employer (or by you if you are self-employed.) In addition, if your SEP Plan as in effect on December 31, 1996 permitted salary reduction contributions, you may elect to have your employer make salary reduction contributions. Several limitations on the amount that may be contributed apply. First, salary reduction contributions (for plans that are eligible) may not exceed $9,500 per year (certain lower limits may apply for highly compensated employees). The $9,500 limit applies for 1997 and is adjusted periodically for cost of living increases. Second, the combination of all contributions for any year (including employer contributions and, if your SEP Plan is eligible, salary reduction contributions) cannot exceed 15 percent of compensation (disregarding for this purpose compensation in excess of $160,000 per year). The $160,000 compensation limit applies for 1997 and is adjusted periodically for cost of living increases. A number of special rules apply to SEP/IRA, including a requirement that contributions be made on behalf of all employees of the employer who satisfy certain minimum participation requirements. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under and in accordance with a valid SEP Plan.
Simplified Employee Pension Plan. An IRA may also be used in --------------------------------- connection with a Simplified Employee Pension Plan established by your employer (or by you if you are self-employed.) Your employer (or you if self-employed) may contribute to the IRA of each eligible participant up to a maximum of 15 percent of compensation or $22,500, whichever is less. In addition, if your SEP Plan as in effect on December 31, 1996 permitted salary reduction contributions, you may also elect to have your employer make salary reduction contributions of up to $9,500 per year. The $9,500 limit applies for 1997 and is adjusted periodically for cost of living increases. Certain lower limits may apply for highly compensated participants. In any event, the combination of your employer's contributions and your salary reduction contributions (if your SEP Plan is eligible) may not exceed the lesser of 15 percent of compensation or $30,000. A number of special rules apply to SEP/IRA, including a requirement that contributions be made on behalf of all employees of the employer who satisfy certain minimum participation requirements. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under and in accordance with a valid SEP Plan.
Simplified Employee Pension Plan. For a Traditional XXX, contributions may be made into a Depositor’s Custodial Account by an employer pursuant to an employer sponsored Simplified Employee Pension (SEP) Plan as described in section 408(k) of the Code provided the contributions of such employer on behalf of a Depositor shall not exceed in any year, the lesser of 25% of the Depositor’s Compensation from each such employer or the maximum dollar amount in effect for the year pursuant to Code section 415(c), as adjusted for cost of living adjustments ($58,000 for 2021; $64,500 in 2021 if the employer’s plan is a SEP plan with an elective salary deferral provision and the Depositor is age 50 or older in the year of the contribution) and provided no more than the maximum amount of Compensation, as indexed for cost of living adjustments, is taken into account pursuant to Code section 401(a) (17). (The maximum amount of Compensation that can be taken into account in 2021 is $290,000.) Employer contributions for any taxable year shall be made with respect to the Depositor on or before the due date for the filing of the employer’s federal income tax return for such taxable year (including extensions thereof). The Custodian may, but need not, require that any Custodial Account in receipt of employer contributions made pursuant to an employer sponsored SEP Plan be designated as a “Simplified Employee-Pension-Individual Retirement Account” or “SEP XXX.” A Depositor may be permitted to make regular XXX contributions into his or her Custodial Account in addition to any amount contributed by employer(s) under a SEP Plan provided the Depositor is eligible to make regular XXX contributions and the contributions do not exceed the maximum permissible limit for same. Notwithstanding any SEP contribution that may be made on behalf of a Depositor in or for any taxable year in which the Depositor attains age 72 (70½ if born before July 1, 1949) and/or any years thereafter, Required Minimum Distribution amounts shall be required to be made in accordance with the provisions of Section III.A. A Depositor (and/or a Depositor’s Employer) shall, if required by the Custodian, deliver written proof to the Custodian indicating that a contribution being made by the employer to the Depositor’s Custodial Account is an eligible SEP XXX contribution and the Custodian may rely upon such written proof for purposes of its treatment and reporting of the contribution as a SEP XXX contribution. Although the termination of the Deposit...
Simplified Employee Pension Plan. A Simplified Employee Pension Plan or SEP-IRA xxxows an employer to make deductible contributions to separate IRA xxxounts established for each eligible employee. Your employer can make contributions up to the lesser of 15% of your compensation or $30,000.
Simplified Employee Pension Plan. Your IRA may be used as part of a Simplified Employee Pension Plan established by your employer. Your employer may contribute to your IRA/SEP up to a maximum of 15% of your compensation or $30,000, whichever is less. If your SEP Plan permits, you may also elect to have your employer make salary reduction contributions of up to $8,994 for 1993 (adjusted annually for cost of living increases) per year to your IRA. However, the combination of the employer's contributions and your salary reduction contributions may not exceed the lesser of 15% of your compensation or $30,000. It is your responsibility and that of your employer to see that contributions in excess of normal IRA limits are made under a valid Simplified Employee Pension Plan and are, therefore, proper.
Simplified Employee Pension Plan. An individual retirement account which meets the requirements of Code Section 408(k), and to which the Employer makes contributions pursuant to a written formula. These plans are considered for contribution limitation and Top Heavy testing purposes.
