Concord California Form 5305-A-SEP 2006-2025

Concord California Form 5305-A-SEP: What You Should Know

Is a SEP-IRA Right for Your Business? | The Stephenson Company A SEP is required if all the following conditions are met: 1. The Plan was established by an employer or by a contract from an employer. If any of the terms of the plan have been changed and the employer no longer owns the plan, the employee may be permitted to make contributions to another plan, provided that the employee, employee's spouse, and a qualified individual (individual eligible under section 408(k)(4)) with respect to the former employees elects to make contributions under the other plan that meet all the following conditions: 1. The total amount of contributions by the employee, employee's spouse and qualified individual to the new plan shall not exceed the amount by which the difference between the number of employees that will be covered under the Plan as a result of the earlier employee contribution reduction and the number of covered employees would equal or exceed the greatest of the plan contribution limit and the amount by which (i) the compensation of all the employees would exceed 120,000 (in the case of a plan to which this section does not apply), (ii) the maximum plan contribution limit (if any) for the plan would exceed 100,000 (in the case of a plan to which this section applies) for the plan year for the former Plan and (iii) if there are more than 150 participants or former participants covered under the former Plan, 150 participants or former participants in excess of 150 in any 3-year period; 2. The employee, employee's spouse and a qualified individual with respect to the former employees elects to make contributions under the other plan that meet all the requirements of section 408(a) (other than section 414(a)(2)(J) or (k)) and the plan fails to provide for the ability of the employee, employee's spouse and qualified individual to make contributions under the plan; 3. In the case of a plan that permits the election of SEPs with respect to a plan year beginning before March 4, 2013, the first SEP election is made by the employer before the end of the 2nd calendar year preceding the beginning of such plan year; and 4.

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