Single Employer Plans offer businesses maximum flexibility for businesses with more complex needs.
A standalone Single Employer Plan (SEP) is a traditional 401(k) plan adopted by one employer. While standalone plans are a great retirement savings plan option for many companies due to their customization and flexibility, they can sometimes be more costly and time consuming, depending on many factors that are at the employer’s discretion.
SEPs typically work well with larger employers or employers who have a need for complex plan designs that allow different benefit structures for different groups of employees, or employers who have formally merged plans with protected benefits.
Other common candidates for SEPs include:
We’ve broken down the differences between the three most common types of retirement plans so you can make an educated decision for your business.
Everything you need to know about how 401(k) plans work for employers.
Everything you need to know about the benefits of offering a 401(k) to your employees.
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