Are SEP and SIMPLE IRAs ERISA plans and/or qualified plans?
I have been trying to determine the answer to the above question for some time now. About half of the articles I read on the internet say yes and the other half say no.
Two part question:
1. Are SIMPLE IRAs and SEP IRAs ERISA plans, covered by ERISA, etc? Or is this not a simple yes/no answer?
2. Are SIMPLE IRAs and SEP IRAs qualified plans, or again is the answer “it depends”?
Thank you,
Chris Erickson
Permalink Submitted by Alan Spross on Fri, 2012-06-01 04:29
SEP and SIMPLE IRAs are not qualified plans and not covered under ERISA.
That said, these plans often have many of the same characteristics as QRPs even though they do not meet the formal definition.
http://www.retirementdictionary.com/definitions/qualifiedretirementplan