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Fidelity Advisor SEP IRA Details

Target Market

  • For self-employed individuals and small business owners

Prospects

  • All taxable businesses; appeals to small companies
  • Government entities
  • Tax-exempt organizations

Benefit

  • A low-cost plan with minimal administration

Fund Offering

  • Fidelity Advisor Funds® in multiple share classes

Employee Eligibility

  • Has worked 3 of the past 5 years for the employer
  • Is age 21 or older
  • Compensation of at least $6501 in current year

Maximum Contributions

  • Lesser of 25% of compensation or $61,0001

Employer Contribution

  • Discretionary

Employee Contributions

  • None, except in grandfathered SARSEP IRAs established prior to January 1, 1997

Vesting

  • 100% immediately

Loan Option

  • No

Employer Costs

  • No setup or administration fee
  • Annual custodial fee deducted from employee accounts

Deadline for Plan Setup

  • Employer's IRS tax-filing deadline, plus extensions

Advantages

  • Allows up to the lesser of 25% of compensation or $61,0001 in contributions; easy to administer and has no employer fees, compared to a 401(k) plan
  • Minimal tax-filing burden, paperwork, and administrative expenses
  • Employer contributions are discretionary
 
 

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