Information for the Employee. The information below explains what a SEP is, how contributions are made, and how to treat your employer’s contributions for tax purposes. For more information, see Pub. 590. Simplified employee pension. A SEP is a written arrangement (a plan) that allows an employer to make contributions toward your retirement. Contributions are made to a traditional individual retirement account/annuity (traditional IRA). Contributions must be made to either a Model traditional IRA executed on an IRS form or a master or prototype traditional IRA for which the IRS has issued a favorable opinion letter. An employer is not required to make SEP contributions. If a contribution is made, however, it must be allocated to all eligible employees according to the SEP agreement. The Model SEP (Form 5305-SEP) specifies that the contribution for each eligible employee will be the same percentage of compensation (excluding compensation greater than $205,000*) for all employees. Your employer will provide you with a copy of the agreement containing participation rules and a description of how employer contributions may be made to your IRA. Your employer must also provide you with a copy of the completed Form 5305-SEP and a yearly statement showing any contributions to your IRA. All amounts contributed to your IRA by your employer belong to you even after you stop working for that employer. Contribution limits. Your employer will determine the amount to be contributed to your IRA each year. However, the amount for any year is limited to the smaller of $41,000* or 25% of your compensation for that year. Compensation does not include any amount that is contributed by your employer to your IRA under the SEP. Your employer is not required to make contributions every year or to maintain a particular level of contributions. Tax treatment of contributions. Employer contributions to your SEP-IRA are excluded from your income unless there are contributions in excess of the applicable limit. Employer contributions within these limits will not be included on your Form W-2. Employee contributions. You may make regular IRA contributions to an IRA. However, the amount you can deduct may be reduced or eliminated because, as a participant in a SEP, you are covered by an employer retirement plan. SEP participation. If your employer does not require you to participate in a SEP as a condition of employment, and you elect not to participate, all other employees of your employer may be prohibited from parti...
Information for the Employee. The information provided below explains what a Simplified Employee Pension (SEP) plan is, how contributions are made, and how to treat your employer's contributions for tax purposes. Please read the questions and answer carefully. For more specific information, see the Prototype SEP Plan document and Adoption Agreement executed by your Employer. Also, see IRS Publication 560.
Information for the Employee. The information below explains what a SEP is, how contributions are made, and how to treat your employer’s contributions for tax purposes. For more information, see Pub. 590. Simplified employee pension. A SEP is a written arrangement (a plan) that allows an employer to make contributions toward your retirement. Contributions are made to a traditional individual retirement account/annuity (traditional IRA). Contributions must be made to either a Model traditional IRA executed on an IRS form or a master or prototype traditional IRA for which the IRS has issued a favorable opinion letter. participating employees. An employer may not adopt this IRS Model SEP if the employer maintains another qualified retirement plan. This does not prevent your employer from adopting this IRS Model SEP and also maintaining an IRS Model Salary Reduction SEP or other SEP. However, if you work for several employers, you may be covered by a SEP of one employer and a different SEP or pension or profit-sharing plan of another employer. SEP-IRA amounts—rollover or transfer to another IRA. You can withdraw or receive funds from your SEP-IRA if, within 60 days of receipt, you place those funds in the same or another IRA. This is called a “rollover” and can be done without penalty only once in any 1-year period. However, there are no restrictions on the number of times you may make “transfers” if you arrange to have these funds transferred between the trustees or the custodians so that you never have possession of the funds.
Information for the Employee. The information below explains what a SEP is, how contributions are made, and how to treat your
Information for the Employee. The information below explains what a SEP is, how contributions are made, and how to treat your employer’s contributions for tax purposes. For more information, see Pub. 590. Simplified employee pension. A SEP is a written arrangement (a plan) that allows an employer to make contributions toward your retirement. Contributions are made to a traditional individual retirement account/annuity (traditional IRA). Contributions must be made to either a Model traditional IRA executed on an IRS form or a master or prototype traditional IRA for which the IRS has issued a favorable opinion letter.
Information for the Employee. Participation in the agency/university’s telework program is not an employee right or guaranteed employee benefit, and is at the sole discretion of, and subject to, the prior written approval of management. Review the statewide OSHR Teleworking Program Policy and understand the following information before meeting with your manager regarding teleworking. In addition to following the terms and conditions of this Pilot Teleworking Agreement, Teleworkers are required to adhere to the Teleworking Program Policy. If you have questions, please contact your manager or Human Resources staff. Your manager will approve or deny a Pilot Teleworking Agreement based upon the business needs of your organization. All teleworking arrangements shall be reviewed by the manager at least annually, to coincide with, where possible, the beginning of the employee performance evaluation cycle. If teleworking continues, the employee and manager shall update and sign the Teleworking Agreement and the Alternate Work Location Safety Attestation. If you transfer to another manager, any Pilot Teleworking Agreement between you and the previous manager does not carry forward to the new position.
Information for the Employee. Participation in the telework program is not an employee right or guaranteed employee benefit, and is at the sole discretion of, and subject to, the prior written approval of management. Review the statewide OSHR Teleworking Program Policy and understand the following information before meeting with your manager regarding teleworking. In addition to following the terms and conditions of this Pilot Teleworking Agreement, Teleworkers are required to adhere to the Teleworking Program Policy. If you have questions, please contact your manager or Human Resources staff.
Information for the Employee. The information below explains what a SEP is, how contributions are made, and how to treat your employer’s contributions for tax purposes. For more information, see Pub. 590.
