Definitions for "Simplified Employee Pension"
A retirement plan which assumes the likeness of an IRA and is available to all qualified employees.
This type of pension allows you to make contributions to your own retirement plan if you're self-employed, and to your employees' plan. You can make contributions if you're the head of an S-corporation or a C-corporation, as well.
An Individual Retirement Arrangement (IRA) with specific participation rules, available to some smaller employers.