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 now

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 $53,000 for 2016 and $54,000 for 2017), 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

$4.95 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.

Ready to get started?

Rated 4.3 out of 5 by 172 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 SEP acc I had a great support from Fidelity ad visors helping me to open the account. January 17, 2017
Rated 5 out of 5 by set up quarterly mrd Steve walked me thru changes with my mrd account, answered all my questions and offered alternative ways to manage the distribution of income. December 13, 2016
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 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 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
Rated 3 out of 5 by smart choice The fidelity rep gave me an amazing presentation about where I should be investing for my age and retirement goals. June 8, 2015
Rated 3 out of 5 by Great product, but lazy Financial Advisors I opened this account when I decided to open my own consulting firm. Unfortunately, it has not turned out to be simple. The financial adviser has never called me to guide me about how to invest the money. I have to mail out a check every month which is not convenient. I don't think its the best product in terms of customer service and lack of advising. June 8, 2015
Rated 3 out of 5 by it's OK opening the account online was easy and convenient enough. Not being able to fund my account via online bank transfer not so convenient. Driving all the way to a Fidelity location or putting in mail is just an extra effort. -not sure if that's a fidelity thing or a gov't regulations thing. May 17, 2015
Rated 5 out of 5 by SEP IRA High quality service continues to be the hallmark of Fidelity Investments. I recommend that Fidelity add the ability to include a note associated with the contribution to indicate the year of the contribution. May 4, 2015
Rated 5 out of 5 by Secure Fidelity has provided an easy & very secure platform for my investments. they are also very responsive to any requests April 29, 2015
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