Who can contribute to the account?

Contributions are made only by you as the employer.

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SEP IRA

Q: Why should I consider opening a SEP IRA instead of a Traditional IRA?

With a SEP IRA, your business and employees (including you) can benefit. Contributions you make to the individual accounts under your plan are generally tax deductible by your business. You also have the opportunity to contribute nearly 10 times more to a SEP IRA than a Traditional IRA.

Q: What are the contribution limits for a SEP IRA?

Employer contributions will vary based on your eligible compensation and contribution year. For specific details please read the SEP IRA fact sheet (PDF) for the most current limits.

Q: Can I roll over funds from a retirement account with a previous employer?

Yes. You can consolidate your retirement assets by rolling over accounts held in former employers 401(k), 403(b) and 457 plans into a Merrill SEP IRA. A Rollover IRA isn't right for everyone. Consider all of your choices and learn if a Rollover IRA may be right for you. For additional information, call 888.637.3343.

Q: Why should I consider opening a SEP IRA instead of a Traditional IRA?

With a SEP IRA, your business and employees (including you) can benefit. Contributions you make to the individual accounts under your plan are generally tax deductible by your business.2 You also have the opportunity to contribute significantly more to a SEP IRA than a Traditional IRA.

Q: How much does it cost for me and my employees to set up SEP IRA accounts?

There are no setup or administrative fees for your business or your employees, if you have them.

Q: Can funds be withdrawn from a SEP IRA before age 59�?

If the original contribution or earnings are withdrawn before reaching age 59�, there may be an additional 10% early withdrawal penalty.

Q: When are contributions fully vested?

Contributions are 100% vested immediately.

Q: What investment choices are available?

A full range of investment choices is available, including stocks, bonds, options, ETFs and well-known mutual funds. You may also consider a savings IRA from Bank of America, N.A. Learn more about investment choices .

Q: What if I prefer to invest with an advisor?

Get help when you want it by meeting with a Financial Solutions Advisor in person or on the phone. Learn more about online investing & trading .

Prepare for retirement with a flexible, easy-to-manage plan

Open an account with Merrill

A Simplified Employee Pension Plan (SEP) IRA is a flexible retirement plan offering tax benefits to business owners and their employees as well as self-employed people.Footnotes ^{1, 2}

SEP IRA Features

Contribute significantly more than you could with a traditional IRAFootnote ¹

Make flexible contributions that are generally tax deductible by the businessFootnote ²

Take advantage of an easy-to-manage plan that requires less paperwork

Options beyond State Mandated Programs to grow with your business

Don't Miss Out: Up to $1000 credit per employee for eligible employer contributions and qualified plan start-up tax credits.Footnote ²

Open an account with Merrill

Learn even more about this plan with our SEP IRA fact sheet

^$0

setup fee (for accounts opened online)

^$0

annual administrative fees (for accounts opened online)

^$0

unlimited online stock and ETF trades Footnote *Other fees may apply

Bring value to your business without the extra fees

If you open your plan online, there are no setup fees or annual administrative fees, plus you always get unlimited $0 online stock and ETF trades *Other fees may apply — if you're investing with your Merrill Edge Self-Directed account.

Which retirement account is right for your business?

Compare the features of retirement accounts available at Merrill, find out which one works best for you, your business and any employees you may have.

Try our Retirement Account selector tool

What's a key difference between a SEP IRA and a SIMPLE IRA?

With a SEP IRA, only business owners make contributions, both for themselves and for their employees. A SIMPLE IRA allows both the business owner and the employees to make contributions.

Learn more about all small business solutions available at Merrill

Get started with a SEP IRA in 3 easy steps

Decide how you want to invest

Manage your own investments or have Merrill investment professionals manage your portfolio for you, with the option to work with an advisor.

Compare your options at Merrill

Open your account

It's easy to set up your account (any employees you have will set up their own accounts), and there are no program or administrative fees for accounts opened online.

Open an account with Merrill

Add funds

Quickly and easily fund accounts for you and your employees with Merrill E-Contribs for Small Business Retirement Accounts™, a free platform.

Go to E-Contribs at Merrill

Explore all plans available for small business

Get more details about small business retirement plans available at Merrill and find the one that works best for your needs.

SIMPLE IRA plans at Merrill Small Business 401(k) plans at Merrill Individual 401(k) plans at Merrill

Interested in getting more details on self-employed retirement plans?

Compare a SEP IRA to an Individual 401(k) at Merrill

Ready to get started?

Open an account with Merrill

If you have questions, contact a specialist at 855.667.9451

Frequently Asked Questions

Expand all

Why should I consider opening a SEP IRA instead of a Traditional IRA?

What are the contribution limits for a SEP IRA?

Who can contribute to the SEP IRA?

Can I roll over funds from a retirement account with a previous employer?

Why should I consider opening a SEP IRA instead of a Traditional IRA?

How much does it cost for me and my employees to set up SEP IRA accounts?

Can funds be withdrawn from a SEP IRA before age 59½?

When are contributions fully vested?

What investment choices are available?

What if I prefer to invest with an advisor?

What are the advantages for employees?

What is the plan establishment deadline?

Is IRS Reporting required?

Footnote

You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment (particularly with reference to employer stock), and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. For more information visit our rollover page or call Merrill at 888.637.3343.

Footnote

Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.

Footnote ¹ As the business owner, your contributions to your SEP IRA account and deductions for such contributions may vary based on your net earnings and self-employment tax deduction. Please consult your tax advisor.

Footnote ² For more information, visit the IRS website popup.

Footnote ³ Withdrawals are subject to ordinary income tax. In addition, a 10% additional early withdrawal penalty may apply to withdrawals taken prior to age 59½.

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Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
Are Not Deposits	Are Not Insured by Any Federal Government Agency	Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").

Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

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© 2024 Bank of America Corporation. All rights reserved.

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Unlimited $0 Trades

With Merrill Edge Self‑Directed, get unlimited free online stock, ETF and option trades with no trade or balance minimumsFooter footnote ^b

Options contracts and other fees may applyFooter footnote ^a

Open an account with Merrill Edge Self-Directed

Footer footnote
Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.
Footer footnote

Merrill waives its commissions for all online stock, ETF and option trades placed in a Merrill Edge^® Self-Directed brokerage account. Brokerage fees associated with, but not limited to, margin transactions, special stock registration/gifting, account transfer and processing and termination apply. $0 option trades are subject to a $0.65 per-contract fee. Other fees and restrictions may apply. Pricing is subject to change without advance notice.

For broker-assisted trades through Merrill Edge, you will be charged a fee equal to the lower of $29.95 or 5.00% of the principal amount of the transaction. Further, there are indirect fees, such as annual management and other similar fees, that are charged by the manager or sponsor of an exchange-traded fund and of a closed-end fund, as disclosed in the product's prospectus.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Are Not Deposits

Are Not Insured by Any Federal Government Agency

Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us.

Net Asset Value (NAV) returns are based on the prior-day closing NAV value at 4 p.m. ET. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid.

Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.m. ET. Market price returns do not represent the returns an investor would receive if shares were traded at other times.

Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date. 10 year returns are provided for funds with greater than 10 years of history.

Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us.

Expense Ratio – Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You should also review the fund's detailed annual fund operating expenses which are provided in the fund's prospectus.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation ("BofA Corp.").

Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

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SEP IRA

Prepare for retirement with a flexible, easy-to-manage plan

A Simplified Employee Pension Plan (SEP) IRA is a flexible retirement plan offering tax benefits to business owners and their employees as well as self-employed people.Footnotes 1, 2

SEP IRA Features

Bring value to your business without the extra fees

Which retirement account is right for your business?

What's a key difference between a SEP IRA and a SIMPLE IRA?

Get started with a SEP IRA in 3 easy steps

Decide how you want to invest

Open your account

Add funds

Explore all plans available for small business

Ready to get started?

Frequently Asked Questions

I'd Like to

Discover Merrill

Contact Us

Unlimited $0 Trades

A Simplified Employee Pension Plan (SEP) IRA is a flexible retirement plan offering tax benefits to business owners and their employees as well as self-employed people.Footnotes ^{1, 2}