Individual Retirement Accounts » SEP IRAs Eligibility
Eligibility requirements for participation in a SEP are based on the following: | » | Length of service can be set up to a maximum of 3 of the last 5 years working for the employer. One day of employment qualifies as one year | | » | Minimum age level can be established up to 21 years of age | | » | Can specify that the employee earns at least $450/annually - subject to Cost of Living Adjustments (COLAs) | | » | Can eliminate members of unions (if retirement benefits were a part of contract negotiations) | | » | Can eliminate non-resident aliens with no U.S. income source | |