Does ERISA apply to SEP-IRAs ?

[Guest Moe Howard2]

I realize that SEP-IRAs are mainly goverened by IRS rules, but what specific ERISA sections also apply to SEPs?

[mbozek]

Preemption of state laws. The reporting and disclosure, funding and fiduciary provisions do not apply.

[Gary Lesser]

Does a common-law employee currently participate in the plan? If not, did a common law employee ever participate in the plan?

If so, the plan is covered by ERISA (except PBGC parts). If no current CL employees (but previous ones) the answer is less clear ("are they participants covered under the plan"?). See ERISA Section 3(2)(A) and DOL Regulations Section 2530.3-3.

If covered, alternate reporting rules may apply to a model or prototype SEP document.