Business and Personal Finance Dictionary

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• SIMPLIFIED EMPLOYEE PENSION PLAN (SEP)
  
  A SEP is a qualified retirement plan set up as an individual retirement account (IRA) in an employee's name. You can establish a SEP for yourself if you own a small business, or you may participate as an employee if you work for a company that sponsors such a plan. The federal government sets the requirements for participation, the maximum annual contribution limits, and the rules governing withdrawals.
  
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