a plan that allows employers to contribute money for their employees accounts

a written arrangement (retirement plan) that allows self-employed

The (Simplified Employee Pension) SEP IRA, which was created in 1978, is a retirement program consisting of individual retirement accounts for all eligible employees, to which an employer can contribute according to certain rules.

A written arrangement (or plan) that allows an employer to make deductible contributions for the benefit of eligible employees. This type of traditional IRA can be set up by self-employed individuals and small businesses with fewer than 25 employees.

A Simplified Employee Pension Individual Retirement Account is a variation of the Individual Retirement Account used in the United States. Even more so than the SIMPLE IRA, the SEP IRA really is "simple." There are no real administration costs if you are self-employed and don't have any employees.