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SEP IRA: Simplified Employee Pension Plan

Simplified Employee Pension Plans (SEP IRAs) help self-employed individuals and small-business owners get access to a tax-deferred benefit when saving for retirement.

Reasons to consider a Fidelity SEP IRA

  • Easy to set up and maintain
  • Flexible annual funding requirements
  • Wide range of investments
  • Contribute online, by phone, or by mail

Compare all small-business retirement plans

Get started

Or call 800-544-5373 and select option 3 to speak with a small-business retirement specialist.

Tax advantages

Tax-deferred growth potential

Tax-deductible contributions

Investment options

A wide range of mutual funds, stocks, bonds, ETFs, and FDIC-insured CDs

Support and guidance

One-on-one guidance—in person, online, or over the phone

Research and tools to help you create a long-term plan and choose investments


Must be sole proprietor, a business owner, in a partnership, or earn self-employment income by providing a service

Contribution rules

Must be made by the employer

Can vary each year between 0% and 25% of compensation (maximum $52,000 for 2014 and $53,000 for 2015), and each eligible employee must receive the same percentage

Calculate how much you can contribute using our Self-Employed Contribution Calculator.

You also can use our SEP IRA Contribution Worksheet (PDF).

Establishment deadline

April 15 tax filing deadline for most self-employed individuals and small-business owners (including any extensions)


Employee notification of employer's contribution

Employers must fill out and retain Form 5305 SEP (PDF) in their records.

No plan tax filings with IRS


Each employee must open an individual SEP IRA account.


Minimum required distributions starting at age 70½

10% early withdrawal penalty if under age 59½, subject to certain exceptions

Account fees

No annual fees, no establishment fees*

*There is no cost to open and no annual fee for Fidelity's Traditional, Roth, SEP, and Rollover IRAs. A $50 account close out fee may apply. Fund investments held in your account may be subject to management, low balance and short term trading fees, as described in the offering materials. For all securities, see the Fidelity commission schedule for trading commission and transaction fee details.

Trading fees

$7.95 for online U.S. equity trades

Next steps

Open a SEP IRA online or call 800-544-5373 and select option 3 to speak with a small-business retirement specialist.
Rated 4.3 out of 5 by 169 reviewers.
Rated 5 out of 5 by Convenience and reliable My experience with Fidelity has been very good. Everyone I have spoken to is professional, knowledgeable and helpful. The website is easy to navigate and understand. The few trades I have made have been executed in a very time proficient manner and accurate. Thanks! May 9, 2016
Rated 5 out of 5 by East to Set Up This SEP IRA was very easy to set up for our small company. Fidelity made it easy to do online and I didn't need to contact anyone. April 4, 2016
Rated 5 out of 5 by No hassle SEP-IRA setup and use I've been with Fidelity Brokerage since 2005 and have tried out a couple of other brokerages over the years. None of the competitors provide the full package that Fidelity does: comprehensive offerings, excellent customer service, superb online experience, and great mobile app. January 19, 2016
Rated 5 out of 5 by Easy Setup and Great Fund Choices This was super easy to get set up by calling the knowledgeable representative. There were many fund choices that did not have associated extra fees. July 29, 2015
Rated 5 out of 5 by Veteran Writing Services LLC As a new small business owner, Fidelity provided the exact information I needed to make a decision on the right plan for my situation. The agents were very knowledgeable and courteous and walked me through all options. This could not have been any easier. I look forward to doing business with my new partner. February 11, 2015
Rated 5 out of 5 by Satisfied I rate my SEP plan excellent in all categories, although customer service will always stand out as the very best. When I was trying to transfer money from another account, Fidelity was easy to work with and did all they could do to move the transaction along when I was getting delays in the process. October 2, 2014
Rated 5 out of 5 by Great investment opportunity for self employees with SEP IRA I'm a realtor and need to plan my retirement wisely. Because I'm self employed, I think SEP IRA is one of the best retirement options and Fidelity has low fees and the web site is easy to navigate for either checking the balance or trading stocks or bonds. October 1, 2014
Rated 5 out of 5 by Simple and Convenient After several years of self-employment, I decided that the regular IRA was not adequate for me. I researched the different types of retirement savings and decided at the last minute that I needed to use the SEP-IRA. It was very quick and simple to set up the account and transfer funds from my other Fidelity account. Then I allocated the funds at my convenience. October 1, 2014
Rated 5 out of 5 by Easy to Navigate I have moved two accounts into one Fidelity SEP-IRA. Great value and great information at my fingertips. Customer service is also terrific. July 29, 2014
Rated 5 out of 5 by Easy and Fun! Setting up my SEP-IRA was quick and easy. Everyone at Fidelity took great care of me! June 24, 2014
Rated 5 out of 5 by I love my SEP! I started my SEP IRA with Fidelity to maximize the ability to save money as a small business owner, and plan for a secure future. Accounts at Fidelity are easy to manage. One can be hands-on or hands-off. I am definitely a hands-on, active investor, and my SEP has provided a tax saving advantage for my small business that gives me the peace of mind to know I am building for my future by maximizing contributions towards my retirement. The availability of choices at Fidelity, from mutual and index funds, to ETFs, to individual stocks, make this SEP a clear winner over companies in which plan investments are limited. I recommend Fidelity every day to colleagues, friends, and family. February 23, 2013
Rated 5 out of 5 by SEP IRA Rev Amazing. One of the best things I could have done as a small business owner. I owned a small business for 18 years and the SEP IRA was such a benifit people know all the time. The SEP is a perk all small business owners should take advantage of. I used to love the day when,prior to tax time, I wrote my SEP contribution check I let people know all the time. February 20, 2013
Rated 5 out of 5 by Fidelity Confidence It was easy to set up my SEP with a little help from their customer service team. There are plenty of investment options that meet my goals and plenty of no load funds. October 10, 2016
Rated 5 out of 5 by Easy to set up I needed to add this category to my IRA portfolio at the last minute. Fidelity made the process fast and easy online. October 10, 2016
Rated 5 out of 5 by SEP Review As far as I can tell it is working for me. That is all that counts, right! October 10, 2016
Rated 3 out of 5 by EFT into a SEP is unnecessarily difficult! When I called last week to inquire about making deposits electronically into a Fidelity SEP-IRA the gentleman talked down to me and said I would have to print a deposit slip and mail a check. Or have him do it for me over the phone (if the funds were coming from another Fidelity account.) He stated this in regard to funds from both our outside checking account and our Fidelity Joint WROS. Because I read Alan H.'s comment below, (thank you, Alan) I found out on my own how to add an outside bank account and make a deposit into a SEP-IRA and did so. So you would think it should be just as possible to link our Fidelity accounts to transfer into a Fidelity SEP-IRA? Noooooo. Can't do it. This is stupid. A self employed person needs to fund their SEP-IRA themselves! We don't need a bank standing over us making it difficult. We make the money yet we are treated as if we are not intelligent enough to put it where it needs to go. Please! We have a tax extension and need to feed that hungry SEP! Yes, we can write a check from the Joint WROS account and deposit electronically from our phone. But even the step of writing a check from our Fidelity Joint WROS and taking a photo of it to deposit it into our Fidelity SEP-IRA is silly. I want to link our Joint WROS to my self employed husband's SEP-IRA to make SEP-IRA contributions. I do not want to have to make a phone call. I do not want to have to mail a check. This intransigence on the part of Fidelity will cost your depositors real tax dollars. I see a commenter below who is missing his tax deadline because of the difficulty of making a SEP-IRA deposit. September 10, 2016
Rated 5 out of 5 by Very Happy with service I transferred my IRA from another bank to Fidelity. Do I get some reward from Fidelity for doing this transfer? I thought I saw something to that effect on my Fidelity web site. Any way I am very happy with the services! August 15, 2016
Rated 5 out of 5 by Easy and convenient Fidelity provided all the forms needed so setup and maintenance was eazy August 1, 2016
Rated 4 out of 5 by secure and reliable I have been using Fidelity SEP for over 20 years, and have been very pleased with Fidelity and how they make it easy to use. July 18, 2016
Rated 5 out of 5 by Best of breed I'm an investment advisor, and I use Fidelity (retail site) for my own SEP IRA. Fees are very low, fees are transparent (very important), investments are very easy to query and purchase, and research tools are excellent, including the ability to review asset allocation. Opening the account was also extremely easy relative to some competitors at which I have tried to open SEP IRA accounts. July 12, 2016
Rated 1 out of 5 by Long 'on hold' time waited on hold more than 30 minutes and still no response April 25, 2016
Rated 5 out of 5 by Absolutely Easy Easy as 1,2,3 and now I have a SEP account. Everything was done online and I had no problems with sitting this up myself. I like the automatic fill feature it saved a lot of time. April 16, 2016
Rated 5 out of 5 by SEP IRA Pleased with the service. The overall rating is excellent. April 4, 2016
Rated 3 out of 5 by Difficult to Fund I too have had a poor experience due to the difficulty of funding this account. SEP-IRAs can only be funded by the employer, and despite having twice been assured by Fidelity reps that it was possible to link our corporate bank account to the SEP-IRA for EFT, the application keeps getting rejected - even though I am a signatory on both accounts. It's frustrating to be told by Fidelity to mail in a form, only to have it sent back several weeks later as rejected. Like others, I don't want to have to initiate a check, wire or phone transfer, I need a means to fund conveniently online on a monthly basis. February 14, 2016
Rated 5 out of 5 by Stability Fidelity's customer service and research tools are top-notch. December 28, 2015
Rated 5 out of 5 by Experience To date very pleased with the experience.No complaints except I selfishly wish you would keep the Braintree office October 1, 2015
Rated 5 out of 5 by Good or bad-it's up to me Fidelity gives me all the data required for decision making. It's up to me from there September 18, 2015
Rated 5 out of 5 by Excellent Investment Service I have been a satisfied Fidelity customer for over 20 years. When I retired as an employee and started my own company last year I opened a SEP-IRA account with Fidelity. I could not be happier with the website's utility and ease of use and with the variety of investment choices available with minimal or no transaction fee. Fidelity has created a great customer experience and aims to satisfy. August 25, 2015
Rated 3 out of 5 by impossible customer service My account was established thru very pro-active help by a rep when I did an online inquiry. This rep remained available and helpful throughout the transfer of funds and investment of same. Since then he no longer answers my calls or returns them. Very impolite. Feel like my money is stranded at Fidelity. The general customer service line is equally unavailable. July 20, 2015
Rated 4 out of 5 by Easy to set up I have held accounts with Fidelity for many years, and find them to be easy to work with as well as providing user-friendly platforms on their website. The only complaint about the SEP-IRA I have is the inability to direct-deposit. They make depositing money fairly difficult in this day and age. July 9, 2015
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ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

† $7.95 commission applies to online U.S. equity trades in a Fidelity account with a minimum opening balance of $2,500 for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (of between $0.01 to $0.03 per $1000 of principal). Other conditions may apply. See Fidelity.com/commissions for details.
The initial customer ratings and reviews for this product (those dated before 3/18/2013) were provided to Fidelity through an email solicitation for feedback on the product. All ratings and reviews are provided to Fidelity on a voluntarily basis and are screened in accordance with the guidelines set forth in our Customer Ratings and Reviews Terms of Use. For additional information on which ratings and reviews may be posted, please refer to our Customer Ratings and Review Terms of Use. Featured Reviews have been selected based on subjective criteria and reviewed by Fidelity Investments. The average rating is determined by calculating the mathematical average of all ratings that are approved for posting per the Customer Ratings and Reviews Terms of use and does not include any ratings that did not meet the guidelines and were therefore not posted. Ratings and reviews are added continuously to the website (after a delay for screening against guidelines) and average ratings are updated dynamically as reviews are added or removed.
The ratings and experience of customers may not be representative of the experiences of all customers or investors and is not indicative of future success. The accuracy of information included in the customer ratings and reviews cannot be guaranteed by Fidelity Investments. Customers who post ratings may be responsible for disclosing whether they have a financial interest or conflict in submitting a rating and review.
Please contact a Fidelity representative if you have additional questions or concerns about the ratings and reviews posted here.

Contribute to a SEP IRA

OnlineLog In Required

Contribute securely online using an electronic funds transfer (EFT).

By mail

Submit a check by mail using this Deposit Slip (PDF). Be sure to include your account number on the check.