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SIMPLE and SEP plans

Everence offers two special retirement savings plans – designed especially for small employers and self-employed individuals:

  • Saving Incentive Match Plan for Employees (SIMPLE)
  • Simplified Employee Pension (SEP)

Your Everence representative can help you decide which plan is right for you. The plans are fairly similar. Both:

  • Are individual retirement accounts
  • Offer tax deductions for employer contributions
  • Require far less paperwork than other retirement savings plans

The major difference: the SEP relies solely on employer contributions, while the SIMPLE allows employees to also make tax-deferred contributions, which the employer matches.

Next steps

 

These plans are subject to specific rules and requirements.