Evergreen
Simplified
Employer
Pension Plan (SEP)

• Contributions may be deductible for the employer
• Contributions are 100% vested at the time of deposit
• Can be set up as a Savings or Certificate of Deposit Account
• Each eligible employee receives an IRA Trust Agreement, Disclosure Statement & Projection of Growth Chart
• Maturity notice sent prior to maturity on certificate of deposit accounts
• IRS Form 5498 is issued in January to show contributions made in the previous tax year and the fair market value of the account
• IRS Form 5498 is issued in May to show contributions made for the previous tax year from January to April 15th of the current year
• IRS Form 1099R is issued in January to show withdrawals in the previous tax year
• Minimum distributions are required at age 70½

To Open an Account

• Valid government-issued photo ID
• Social Security Number
• Physical address
• $50 minimum
• Must be 18 years of age
• Beneficiary and contingent beneficiary information (name, SSN, DOB, physical address)

Account Type	Establishing the Plan	Contribution Limitations*	Trustee Fee	Early Withdrawal Penalties
Simplified Employer Pension Plan (SEP)	Employer determines eligibility and allocation formulas	Limited by Federal Guidelines*	$40 per year	IRS: 10% if under 59½ years of age, unless a qualified distribution Certificate penalties may apply