Common use of Simplified Employee Pension Plan Clause in Contracts

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." A Depositor may be permitted to make regular IRA 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 IRA 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 70½ and/or any years thereafter, Required Minimum Distribution amounts shall be required to be made in accordance with the provisions of Article IV and section 6 of this Article VIII. 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 IRA contribution and the Custodian may rely upon such written proof for purposes of its treatment and reporting of the contribution as a SEP IRA contribution. Although the termination of the Depositor’s SEP IRA account by either the Depositor or Custodian pursuant to sections 10 and 11 of this Article VIII may have an adverse affect on a SEP Plan in which the Depositor participates, the Custodian shall incur no liability with respect to such termination and no obligation to provide any notice thereof to the sponsoring employer.

Simplified Employee Pension Plan. Contributions 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 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 58,000 for 20022021; $41,000 64,500 in 2002 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 compensationCompensation, as indexed for cost of living adjustments, is taken into account pursuant to Code section 401(a)(17401(a) (17). (The maximum amount of compensation Compensation that can be taken into account in 2002 2021 is $200,000). 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 IRAXXX." ” A Depositor may be permitted to make regular IRA 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 IRA 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 Article IV and section 6 of this Article VIII. 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 IRA XXX contribution and the Custodian may rely upon such written proof for purposes of its treatment and reporting of the contribution as a SEP IRA XXX contribution. Although the termination of the Depositor’s SEP IRA XXX account by either the Depositor or Custodian pursuant to sections 10 and 11 of this Article VIII Sections XI or XII may have an adverse affect effect on a SEP Plan in which the Depositor participates, the Custodian shall incur no liability with respect to such termination and no obligation to provide any notice thereof to the sponsoring employer.

Simplified Employee Pension Plan. Contributions For a Traditional IRA, 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 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 58,000 for 20022021; $41,000 64,500 in 2002 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 compensationCompensation, as indexed for cost of living adjustments, is taken into account pursuant to Code section 401(a)(17401(a) (17). (The maximum amount of compensation Compensation that can be taken into account in 2002 2021 is $200,000). 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 IRA." ” A Depositor may be permitted to make regular IRA 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 IRA 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 Article IV and section 6 of this Article VIII. 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 IRA contribution and the Custodian may rely upon such written proof for purposes of its treatment and reporting of the contribution as a SEP IRA contribution. Although the termination of the Depositor’s SEP IRA account by either the Depositor or Custodian pursuant to sections 10 and 11 of this Article VIII Sections XI or XII may have an adverse affect effect on a SEP Plan in which the Depositor participates, the Custodian shall incur no liability with respect to such termination and no obligation to provide any notice thereof to the sponsoring employer.