Who offers an integrated SEP?
I know that SEP contributions can integrated with Social Security (permitted disparity) but don’t know which major financial instititions offer integration, any help appreciated, thanks
I know that SEP contributions can integrated with Social Security (permitted disparity) but don’t know which major financial instititions offer integration, any help appreciated, thanks
Permalink Submitted by Alan - IRA critic on Fri, 2013-11-22 18:23
It’s still just a standard SEP IRA agreement so all the large firms can hold the SEP. I think you are asking if they also provide the complex calculations of a payroll accounting nature necessary to determine the contribution amounts, or if the sponsor’s payroll accountant should do it and just forward the contributions?
Permalink Submitted by John Peterson on Fri, 2013-11-22 22:15
Not exactly, I’m asking which financial instituions offer SEP documents that allow contributions to be made on an “integrated” basis rather than just proportionate to compensation. This requires a “custom” SEP document. Thanks.
Permalink Submitted by Jose Morales on Sat, 2013-11-23 01:34
The 5305-SEP document is for the employer to provide employees to disclose the plan and it’s details. You would need a prototype 5305-SEP but you don’t need to have any specific custodian to provide it to you. You can have one drafted or you can buy an already approved prototype 5305-SEP document from one of several IRA forms vendors. Although we do have a 5305-SEP document that we can give to an employer if they need one, they don’t need to use our 5305-SEP document in order for the eligible participants to establish a Traditional IRA to receive SEP contributions.