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Wichita Kansas Form 5305-S: What You Should Know
The benefit is defined under this agreement between the employer and employees and may be paid under a SEP defined benefit plan (DBP) or a SEPT defined contribution plan (DC). The benefits are provided on an actuarial fair basis based on the financial situation of the fund at the end of the year. The SEP retirement plan is structured as a DBP. The plans provide benefits of: 1. Accumulated fund value during the employee's participation period on January 1 of the year of the plan designation; and 2. The minimum benefit required for the plan under Section 408(p) of the Internal Revenue Code. The plan may have a maximum contribution rate based on the age of the employees and employees' earnings. The plan may include benefits provided at, or through, other sources as determined by the participant. The minimum required benefits may increase with the age of the employees and may be determined by actuarial analysis and will be subject to a reasonable adjustment if actuarial justified within the plan for the level of the minimum benefit. The actuarial analysis to determine minimum benefits may be performed by a qualified, qualified independent administrator. The SEP retirement plan may have any of the following features: 1. Plan participation Period The participation period for the SEP plan shall be at least 5 years. 2. Compensation Period The compensation period for the SEP retirement plan shall be at least 5 years. 3. Benefit Accumulation A SEP retirement plan may be initiated on January 1 of a year by an employer. No employer may continue to pay pension benefits to any participating employee in a SEP retirement plan that begins on December 31 of the previous year. 4. Benefits Payable To Certain Employees The benefits payable to a participant under a SEP retirement plan for any month of participation shall be calculated separately for each employee. Benefits payable are payable at the end of the plan's participation period. Benefits payable at the end of the payment period shall include, but not be limited to, any benefits accrued in the month of December for any month of the participant's participation. 5. Contributions In the event of a cash surrender of a SEP retirement plan, the plan administrator will provide the participant a pro rata share of the annuity which is equal to the sum of: the annuity which is to be paid to any participant, plus the amount of all benefits payable to all participants except the cash surrender.
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