Small businesses can help workers increase their retirement savings by contributing a percentage of the employees’ earned income to a Simplified Employee Pension (SEP). Employers offering SEPs cannot provide other retirement plans, except another SEP. The SEP – unlike the SIMPLE IRA – does not allow employee contributions, but an option exists for eligible workers also to contribute to Individual Retirement Annuities (IRAs).
An SEP option exists for self-employed individuals and allows contribution amounts based on how the business is set up:
Contact your local WoodmenLife Representative for more information about SEP IRAs.
WEB70 - 2/1/2017
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