Frequently Asked Question
Can I still set up an SEP if one of my employees refuses to participate?
You can establish the SEP IRA, even if the employee refuses to participant. However, you would need to establish an IRA for the employee, assuming he or she is eligible, and deposit his or her contribution to the account. You would first need to check with the financial institution to determine whether it would be willing to establish the account with your signature, rather than the participant's.
You may also want to notify the employee in writing when the account is established and funded.
For more insight on SEPs, check out Plans The Small Business Owner Can Establish.
Question answered by Denise Appleby, CISP, CRC, CRPS, CRSP, APA
You may also want to notify the employee in writing when the account is established and funded.
For more insight on SEPs, check out Plans The Small Business Owner Can Establish.
Question answered by Denise Appleby, CISP, CRC, CRPS, CRSP, APA
by
Denise Appleby
Denise Appleby is founder and owner of Appleby Retirement Consulting,which provides technical consultation, content, coaching, writing, editing and training services on related topics.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
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