What is meant by a 408(k) Plan?

408 (k) account, commonly referred to as an Employee Simplified Pension Plan (SEP), is an employer-sponsored retirement plan. The 408 (k)-Plan is the SEP version of the popular 401 (k) plan. A SEP is intended for small businesses, for example those with less than 25 employees. The SEP-IRA only allows the employer to make contributions … Read more