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.
These plans are subject to specific rules and requirements.