simplified employee pension

noun

sim·pli·fied employee pension

Legal Definition of simplified employee pension

: a pension that is funded by employer contributions or through a salary reduction arrangement and that places fewer administrative burdens on the employer than do other plans and allows employer deduction of contributions and employee withdrawal at any time

— called also SEP

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simplified employee pension

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Cite this Entry

“Simplified employee pension.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/simplified%20employee%20pension. Accessed 7 Aug. 2022.

Style: MLA

MLA