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SEP - Am I eligible?


Guest grokohl
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Guest grokohl

I was a full time employee from 1997 through November 2004. Since Nov 2004 I have continued part time. In Sept 2005, employer started an SEP for 2004 and paid out benefits 2004, 2005 and will again for 2006. I just found out about this last week from another former employee who fought for his share. Am I eligible? What should I do?

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As long as you were an employee in any 3 of the prior 5 years for 2004 and forward, and you made more than $450 during 04 and each year thereafter, you were/are eligible for the SEP plan and due a contribution. THis is spelled out IN DETAIL in the SEP document your employer has.

The plan could be a SIMPLE and not a SEP, or it could be a qualified plan. All have their own special rules so you need to first verify the correct type of plan.

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