SunAmerica SEP IRA

(Simplified Employee Plan)

About the Plan

A SEP IRA is a retirement plan for self-employed individuals or businesses with few employees. Consider this plan if your business is new or has variable profits.

Key Plan Benefits

  • Contributions are 100% discretionary
  • No Employer tax filing
  • Minimal record keeping and reporting requirements
  • Low administrative costs

Eligibility Requirements for Plan Sponsor

Employees must be age 21 or older, have earned at least $600 during the year and have worked three out of the previous five years. Employers may adopt less restrictive eligibility requirements so as not to exclude themselves from participating in the plan.

Establishment and Funding

The Plan must be established and funded prior to the employer’s tax return due date plus extension. Contributions can vary by year.

Employee Contribution Limits

Employee contributions are not eligible for this plan.

Employer Contribution Limits

An employer may contribute a maximum of 25% of employee compensation (capped at $265,000) up to $53,000.

 

Contact your Financial Representative or call the SunAmerica Retirement Plans Group at 800.858.8850 x6010 or Contact Us.

PLEASE NOTE: None of the information in this website should be considered legal and tax advice. You should consult your legal or tax advisers for information concerning your own specific tax situation. The forms and numbers shown in this website are for illustrative purposes only.