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Choose a fully integrated retirement package that is designed to fit your clients’ business needs
A retirement plan for those looking for flexible funding requirements.
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For Plan Sponsors
For Employees
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 $7501 in current year
Maximum Contributions
- Lesser of 25% of compensation or $66,0001
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 $66,0001 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
- 1. These amounts are subject to annual cost-of-living adjustments (COLA). Current information reflects 2023 COLA.
- The above information is educational in nature and should not be construed as legal or tax advice.