SEP-XXX. If your XXX is used as a SEP-XXX because your employer maintains a Simplified Employee Pension ("SEP") plan and makes SEP contributions to your SEP-XXX, it is solely your responsibility to retain your employer's SEP plan document and/or disclosures and to confirm with your employer that SEP-XXX contributions made to your SEP-XXX are appropriate. Our sole responsibility is to receive and record keep designated SEP contributions made to your SEP-XXX by your employer. The XXX cannot be used to fund an active Salary Deferral SEP or "SARSEP".
SEP-XXX. If your employer offers a Simplified Employee Pension Plan (SEP), a separate XXX may be established to receive your employer’s contributions under the SEP arrangement. All SEP contributions are tax deductible to the employer, and any earnings grow tax deferred until distributed. If established prior to January 1, 1997, your employer’s SEP may also allow you to make elective salary deferrals to a SARSEP-XXX. Accounts for Beneficiaries Traditional XXX Beneficiary Distribution Account (XXX BDA). If you are a beneficiary who inherits a Traditional XXX, Rollover XXX, SEP XXX, or SIMPLE XXX from a deceased Depositor (or deceased Beneficiary), you may maintain the tax-deferred status of those inherited assets in an inherited XXX. An Inherited XXX may also be referred to as an XXX BDA. No contributions of any kind are permitted to be made to an XXX BDA. A beneficiary of an inherited XXX is generally required to take annual minimum distributions from the Account. FOR INFORMATION ABOUT XXXX IRAS AND XXXX XXX BDAS, REFER TO THE FIDELITY ADVISOR XXXX XXX DISCLOSURE STATEMENT. Note: For purposes of this Disclosure Statement, “Compensation” refers to wages, salaries, professional fees, or other amounts derived from or received for personal services actually rendered and includes the earned income of a self-employed individual, and any alimony or separate maintenance payment includible in your gross income. For self-employed individuals, compensation means earned income. “Adjusted Gross Income” (AGI) is determined prior to adjustments for personal exemptions and itemized deductions. For purposes of determining the XXX deduction, AGI is modified to take into account deductions for XXX contributions, taxable benefits under the Social Security and Railroad Retirement Acts, and passive loss limitations under Code Section 469, except that you should disregard Code Sections 135, 137, and 911. Account Information The following information may apply to both Depositors and Beneficiaries, except as otherwise clearly indicated.
SEP-XXX. The Company shall have paid and satisfied in full all of ------- its obligations under the Company's SEP XXX, and the Company shall have terminated the SEP XXX.
