SEP plan - calendar vs fiscal year

[Guest bmurphy]

Working with a client who is setting up a SEP, want to use their fiscal year of 7/1 - 6/30. One of the investment providers they are interested in does not have their own prototype SEP document, instead uses the IRS model. My understanding is that the model only allows for SEP's to be maintained on a calendar year basis. Wouldn't this preclude them from using this provider? What if they wanted to get an individually-designed SEP document. What is entailed to do this? Or, are there any companies that provide "customized" documents?

[Belgarath]

No, they wouldn't be precluded from using this provider. It could just affect the deduction pattern. In IRS publication 560, there's an example of just such a situation you are referring to - I think you'll find it helpful. It is under the SEP section, "When to deduct contributions."

Yes, there are SEP providers who have custom documents. I do not specifically know who they are or how to locate them, but I'd probably start with a web search. And probably other folks here know of some specific providers. I expect some of the big mutual fund houses may have custom docs.

[Lame Duck]

I know that Universal Pensions, prior to their acquisition by BISYS had a prototype SEP that they sold to a number of providers. You may be able to check with them to see if it is still offered and through what institutions.