Simplified Employee Pension (SEP)
A Simplified Employee Pension (SEP) is a plan wherein an employer can make a contribution to each eligible employee’s Traditional IRA (including his or her own Traditional IRA if self-employed).  Any tax deductions apply to the employer.  The tax deferred earnings apply to the employee.  For the year 2009 contributions cannot exceed 25% of the employee’s compensation or $49,000, whichever is less.  For the year 2010 contributions are limited to 25% of the employee’s compensation or $49,000, whichever is less.

Features:
Accounts are FDIC insured.  Available investments include a savings account and various certificates of deposit.  The minimum balance required to open a savings account is $10.  The minimum balance required to open a certificate of deposit is $500.

Rates:
Rates depend upon the type of investment selected.