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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Cite this Entry

“Simplified employee pension.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/simplified%20employee%20pension. Accessed 4 Aug. 2020.

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