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Form 5305-A-SEP for Georgia: What You Should Know

Form 5305-SEP Simplified Employee Pension In April 2002, IRS published Form 5305 as a simplified Employee Retirement Income (ERIC) for IRA plans that contain a 401(k) program. There is no requirement for the account beneficiary to be an employee, but there is a mandatory requirement that all contributions are made by a single person who is age 55 or older (as well as the beneficiary). In February 2010, IRS published Form 5305A for the IRS-recognized SEP Retirement Plans (SRP). There is no requirement for the account beneficiary to be an employee, but there is  Mandatory Distribution Date (MDD) is 2/1/2043. For  The 5305A-SEP (Rev. June 2006) — IRS form 5305a SEP offers employee  to have their contribution to the retirement plan reduced by the individual's portion of salary or compensation, or for the plan to eliminate the employer contribution entirely; the individual must make elective deferrals to a SEP.  Form 5305A-SEP Simplified Employee Pension-Individual In April 2004, IRS published Form 5305-SEP simplified SEP for IRA plans that provide contributions through either a 401(k) Plan or a 403(b) plan. This form allows the employer to continue contributing into the account with the employee. In February 2006, IRS released Form 5305A-SEP Simplified SEP for individuals who are age 55 or older and who have made eligible elective deferrals. This form allows the individual to defer a portion of their salary into the defined contribution retirement plan. In addition to the mandatory elective deferrals, the individual must also make elective deferrals to their choice of an annuity plan, defined benefit or 403(b) plan. This form is a “simplified” SEP where employers are to provide only partial matching contributions, and only to 401(k) and 403(b) Plans, not to “SEPs”. This form is for “simplified” SEP benefits for individuals making elective deferrals to the 401(k) plans. “Simplified SEPT” and “SEPT” are not the same and differ in important ways, see SEPT For Individual.

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