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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.

Plan features

Tax advantages

Tax-deferred growth potential

Tax-deductible contributions

Eligibility

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)

Administrative
responsibilities

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

Employee
responsibilities

Each employee must open an individual SEP IRA account.

Withdrawals

Minimum required distributions starting at age 70½

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

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

Fees

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.
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Rated 4.3 out of 5 by 150 reviewers.
Rated 4 out of 5 by SEP-IRA The only slightly negative would be the lack of being able to electonically transfer funds into account. September 27, 2014
Rated 1 out of 5 by No Idea! I went to the Paramus, NJ branch to get this set up and have reached out a handful of times to figure out how to get it set up and can't get anyone to help. September 17, 2014
Rated 3 out of 5 by annoyed. it's annoying i can't have a monthly sweep from my bank account to Fidelity. i'm supposed to call in every month and you know i don't do it. September 16, 2014
Rated 5 out of 5 by very happy with SEP-IRA Fidelity staff was very helpful & knowledgeable. Was as easy as could be and investment options are virtually unlimited. Highly recommended. August 29, 2014
Rated 5 out of 5 by Fast and Easy The website is pretty easy to navigate and loaded with research. August 8, 2014
Rated 5 out of 5 by SEP IRA My experience with Fidelity has been good. The web site works quite well. July 29, 2014
Rated 3 out of 5 by Blah Have not heard back from my investment professional after several attempts. July 15, 2014
Rated 4 out of 5 by SEP IRA Review The convenience is that I have most of my retirement in Fidelity 401K so great that an SEP IRA was available as its my current employers retirement vehicle. I have not been active in managing this and am not sure if its invested properly - or even if I have options to do so. June 10, 2014
Rated 3 out of 5 by SEP IRA capability terrific; online reporting miserable I like everything about the functionality of the Fidelity SEP IRA. However, up-to-date information about current year withdrawals, deposits & ROTH conversions do not exist. The only way to get the information is thru the excruciating process of reviewing the detailed transaction history. May 30, 2014
Rated 5 out of 5 by Quick and Competent Very easy to open an IRA-SEP at Fidelity, and the prompts are easy to understand. May 21, 2014
Rated 4 out of 5 by Good plan for small business The Fidelity SEP IRA is a good choice for my small business, as it gives me the necessary flexibility while still providing a good alternative to a 401K. The only downside that I currently see is that to transfer monies into the account, I need to send a check or call a representative to have the electronic transfer initiated from the Fidelity side. I'd prefer to be able to initiate the electronic transfer myself. May 14, 2014
Rated 1 out of 5 by Poor Online Service At Fidelity Fidelity offers systems that waste our time. It seems there should be more concern for easy-to-use forms, applications, instructions, etc. Finding a form on the website even takes time and hunting. Today we attempted to sign up for ETF service to send money electronically to Fidelity. Several hours later after downloading, printing, filling out, signing, scanning, creating PDFs, all at the proper size not to clog the Fidelity pipe and without much help from a chat agent or supervisor, we finally submitted our enrollment. At the end of the process we were confronted with a Notary Guarantee Certificate. Getting a driver's license is easier. 1 out of 10 for this. Today, when most consumers know that banks keep few of our interests close to their hearts, it's obvious they don't care how much time we waste dealing with them. Online support personal pleasant but clueless. Kudos, Fidelity. Make it harder for us. April 24, 2014
Rated 4 out of 5 by Mailing paper checks It is inconvenient not to be able to do an online fund transfer from my business account to the SEP account at Fidelity. One has to cut a paper check and mail it to Cincinnati. In this day and age that seems like an unnecessary inconvenience.The result is still the same - the funds from the business account get deposited to the Fidelity SEP account. Why not do it electronically. July 23, 2013
Rated 1 out of 5 by Make your transfers early and don't use EFT Most frustrating experience ever. Try to get your money into your SEP is a total Joke. You can't do it on line and you must have lots of time if. I transfered money using the EFT process thinking that 4 days, (as stated) on the web page would work. At day 4 nothing. Funds are not available to move to my SEP. Now after the fact I am told you should have wired it. I am going to miss the 15th deadline due to a very broken process as Fidelity. Set up your SEP elsewhere. This is horrible. April 11, 2013
Rated 4 out of 5 by statements One thing that I would like to see changed would be to provide or offer a summary at year end. Most other mutual fund companies offer this and I find it very helpful in maintaining historical records. March 7, 2013
Rated 3 out of 5 by Need Deposit Options Overall the account is adequate and meets my investing needs. I would like more options for depositing money into my SEP account. Currently I can only deposit money by writing a check and mailing it in or dropping it off at a branch. This is highly inconvenient in today's modern world of EFT and mobile deposit options. I should at the very least be able to wire money into my SEP account from an outside bank. March 5, 2013
Rated 3 out of 5 by SEP needs electronic contribution I should be able to contribute electronically with ease to my SEP IRA. However, I currently have to submit a form and a check, wait for the deposit, etc.. Also, I should have been able to open a self-401K at any point instead of being restricted. The lack of fees is the only reason I am keeping this account open. March 4, 2013
Rated 3 out of 5 by Access but awkward I like almost everything about my SEP-IRA account at Fidelity except the arrangement of funds in my reports. The funds are arranged alphabetically by fund symbol, not by the type of funds, eg, large-cap, mid-cap, etc. The arrangement doesn't help me to monitor my overall strategy very well. February 28, 2013
Rated 5 out of 5 by Great SEP I have had a Fidelity SEP IRA for almost 10 years and am very satisfied with the ease of adding funds and the ease of trading. Fidelity customer service is excellent if you need them. The reporting and tracking abilities online are great. I plan to stay with Fidelity for a long time. February 27, 2013
Rated 5 out of 5 by Great choice! This is a great account and very easy to make contributions and change your investments. February 26, 2013
Rated 5 out of 5 by Very flexible, secure and complete Fidelity's SEP IRA provides me with the flexibility and security I need when investing funds for my retirement. I can choose between lots of different options and select the ones that match my risk tolerance. In addition, Fidelity offers valuable tools to analyze my investments and to make decisions where to put my money next. All in all, Fidelity's SEP IRA is a complete solution for all retirement planning requirements. February 26, 2013
Rated 3 out of 5 by secure I would like to be able to buy shares on line directly from my checking account electronically. Not sure if I am able to do this. Would like to be able to make purchases a bit easier with paperwork sent to me on a regular basis. I have had to copy the deposit certificates that I have. February 26, 2013
Rated 5 out of 5 by Secure and reliable As a business owner I find the SEP IRAs easy to administer and our staff is very happy with the benefit. We have been grandfathered into SARSEP and we like that as well. February 26, 2013
Rated 4 out of 5 by SEP IRA review I like the SEP IRA but I wish you would make it an option to be able to transfer contributions to a SEP account from another Fidelity account. I always have to send in a check when I can easily move money from a brokerage account I already have with you. February 26, 2013
Rated 5 out of 5 by secure an reliable the sep plan is great and the support team is even better.I am now taking my dividends on a monthly basis and i have to do tax withholding which i wish i did not have to do. February 26, 2013
Rated 4 out of 5 by excellent service, need some perks the ease of access and security is excellent, the professional staff is excellent. It would be nice to reward long-term customers with some benefits, such as several free trades per year (like those offered to new customers by some brokerage firms) February 26, 2013
Rated 4 out of 5 by Good Option, Could Use More Contribution Options Now 7 years in, Fidelity's SEP-IRA still works well for my small business. However, there is one disappointing feature: contributions. As much as Fidelity makes good use of technology, it is surprising to see the only option listed for contributions is still "Submit a check by mail". The other option of making it to a local Investor Center when they're open (Mon-Fri, regular business hours) is difficult, to say the least. Do not see why there are only these two options (contribute is not available as an action event when using a full web browser). Here's hoping that Fidelity is looking at something like a competitor's Mobile Check Deposit (taking a picture of the check), or Fidelity's OWN Deposit Checks option in their mobile app (non-business accounts) Now THAT would be some helpful tech. February 25, 2013
Rated 5 out of 5 by Excellent product, excellent value. One of your retirement advisors recommended a SEP vs. a 401K for my business. The SEP has been great and allowed me to save the maximum amount with the flexibility to contribute different amounts each month. Great product. February 25, 2013
Rated 4 out of 5 by Sep IRA I use this for my self employment income and contribute once a year. There is no issue with small investments and the phone customer service has been very good. I wish that I could use the online services for this account, like I use for my other IRA accounts however. February 25, 2013
Rated 5 out of 5 by comprehensive overall excellent value for the money. the only thing i would say is the customer service is a little hit or miss. sometimes the representatives would know the details of the sep-ira...other times they would have to look it up which did not give me confidence. also with investment advice its the same thing..sometimes very good and other times very basic. February 25, 2013
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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.
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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.