Simplified Employee Pensions, authorized by Congressional law in 1978 to encourage retirement plan sponsorship by small businesses for their employees. The plans are similar to IRA's in terms of their vesting rules, penalties and key features. The current limitation is 15% of salary or $30,000, whichever is lower.

Simplified Employee Pensions (SEPS). A low-cost retirement plan option for employers. Instead of establishing a separate retirement plan, in a SEP, the employer makes contributions to his or her own Individual Retirement Account (IRA) and the IRA's of his or her employees, subject to certain percentage limites and dollar limitations.

Accepted abbreviation for Sample Enclosing Packs - a pack provided by the mailing house prior to enclosing for you to check that you are happy with the sequence and direction of items within the pack.

Supplemental Electrical Power Source