Salary Reduction Simplified Employee Pension Plan
- Salary Reduction Simplified Employee Pension Plan
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A low- cost, no-frills version of a 401( k) employee savings plan available to companies with 25 or fewer employees. It allows employees to make pretax contributions to their IRAs through salary reduction each year. The Small Business Job Protection Act of 1996 replaced SARSEPs with SIMPLE plan s (Savings Incentive Match Plan for Employees plans). Existing SARSEPs were allowed to add new participants, but new plans could not be formed after December 31, 1996. Bloomberg Financial Dictionary
Financial and business terms.
2012.
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Salary Reduction Simplified Employee Pension Plan - SARSEP — A plan offered by small companies typically those with fewer than 25 employees that allows employees to make pretax contributions to their Individual Retirement Accounts (IRAs) through salary reduction. Prior to the widespread use of 401(k)s,… … Investment dictionary
SARSEP — See: Salary Reduction Simplified Employee Pension Plan … Financial and business terms
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