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A Simplified Employee Pension Plan, commonly known as a SEP IRA, is a retirement plan specifically designed for self-employed people and small-business owners. You can establish a SEP IRA if you are a sole proprietor, in a partnership, or a business owner (of either an unincorporated or incorporated business, including Subchapter S corporations). A SEP IRA can also be established if you earn any self-employed income by providing a service, either full-time or part-time, even if you are already covered by a retirement plan at your full-time job. To establish a SEP plan, the employer must complete IRS Form 5305-SEP or an IRS approved prototype plan.

Please consult with you tax advisor on which IRA is the best fit for you.

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For more information about our SEP IRAs e-mail or contact us at the location nearest you.

IRS Publication

For more information click here.


The tax information provided is for informational purposes only and is not intended, and should not be construed, as tax advice or a recommendation. Denmark State Bank does not provide legal or tax advice and you should consult with a professional tax advisor about your individual circumstances.