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TERminating a sep

If the time comes when a SEP no longer suits the purposes of your business, consult with your financial institution partner to determine if another type of retirement plan (or, perhaps, no plan at all) might better suit your needs.

To terminate a SEP, notify the financial institution that you chose to handle the SEP that you will no longer be making contributions and that you want to terminate the contract or agreement with it. It is a good idea to notify your employees that the plan has been discontinued.

You do not need to give any notice to the IRS that the SEP has been terminated.

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