Simplified Employee Pension Plan

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					MODEL SIMPLIFIED EMPLOYEE PENSION PLAN

TABLE OF CONTENTS Article I. II. Purpose Definitions and Construction 2.1 Definitions 2.2 Principal Entities 2.3 Determination of Contribution and Other Definitions 2.4 Construction Participation and Notifications 3.1 Participation 3.2 Notifications Contributions 4.1 Contributions by Participants 4.2 Excess Contributions 4.3 Maximum Employer Contributions Benefits Administration 6.1 Fiduciary Responsibility 6.2 Appointment of Committee 6.3 Claims Procedure 6.4 Records and Reports 6.5 Other Committee Powers and Duties 6.6 Rules and Decisions 6.7 Notifications and Forms 6.8 Indemnification of the Committee Employer Rights 7.1 Nonguarantee of Employment 7.2 Action by Employer 7.3 Choice of Simplified Employee Pension 7.4 Amendments 7.5 Successor Employer 7.6 Right to Terminate Appendix A SEP allowing Salary Reduction

III.

IV.

V. VI.

VII.

MODEL SIMPLIFIED EMPLOYEE PENSION PLAN Article I. Purpose Effective as of ________________ to enable eligible employees to establish individual retirement accounts or individual retirement annuities ____________ (the "Employer") decided to adopt the Simplified Employee Pension Plan for Employees of ________________ (the "Plan"). The Plan is intended to meet the requirements of Section 408(k) of the Internal Revenue Code of 1986 (the "Code") as from time to time amended. The provisions of the Plan, as set forth herein, shall only apply to an eligible employee who is in the active employ of the Employer on or after ___________. Article II. Definitions and Construction 2.1 Definitions: Where the following words and phrases appear in this Plan, they shall have the respective meanings set forth in this Article, unless the context clearly indicates to the contrary. 2.2 Principal Entities: (a) Plan: The Simplified Employee Pension Plan for Employees for _______________, the Plan set forth herein, as amended from time to time. (b) Simplified Employee Pension: The retirement savings vehicle chosen by a Participant for deposit of contributions made hereunder by the Employer. Such retirement savings vehicle may only be either an approved Individual Retirement Account under Section 408(a) of the Code or an approved Individual Retirement Annuity under Section 408(b) of the Code. (c) Employer: _____________
				
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posted:8/6/2009
language:English
pages:14
Description: A form plan for employers which outlines a simple pension plan for employees.
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