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John Hancock Investment ManagementSIMPLIFIEDEmployee Pension PlanYour SEP/SARSEP retirement plan guide forsmall businesses and self-employed individualsEMPLOYER DOCUMENTS
Employer informationThis kit contains all the forms and paperwork you need to open a John Hancock Investment Management Simplified Employee Pension (SEP) plan. Simply followthe steps below to establish your plan. Read all documents carefully, especially the basic plan document. Documents have been numbered for your convenience.Retain all original paperwork for your files.To establish a new SEP plan with John Hancock1. Complete the SEP IRA employer adoption agreement (Form 1). For SARSEP, make certain to complete Part C of Section 4.2. Complete the plan investment form (Form 2).3. Complete the SEP summary for employees (Form 3).4. Distribute to each employee: A SEP summary for employees (Form 3). A copy of the universal SEP questions and answers (found after Form 7A/7B). A John Hancock SEP IRA employee application, which the participant should complete. If this is a transfer of assets, the participant should also completethe John Hancock IRA rollover/transfer form that is included with the application. Forms are available at jhinvestments.com.5. Send a copy of the SEP IRA employer adoption agreement (Form 1), original SEP employee application, IRA rollover/transfer form (if applicable), and theplan investment form (Form 2) for each participant, along with your investment check to:Regular mailJohn Hancock Signature Services, Inc.P.O. Box 219909Kansas City, MO 64121-9909Express mailJohn Hancock Signature Services, Inc.430 West 7th StreetSuite 219909Kansas City, MO 64105-1407To establish a salary deferral SEP plan with John HancockNote: You may not establish a new salary deferral SEP (SARSEP) plan on or after January 1, 1997; however, you may amend and restate a plan that was inexistence prior to January 1, 1997.In addition to items 1–5 listed above, the following would need to be completed.Employer formsSARSEP top-heavy test worksheet (Form 5)—This worksheet is kept by the employer or the plan administrator and used to determine if the plan is top-heavy.Section 4 of the enclosed basic plan document describes the corrective action that must be taken if the top-heavy percentage exceeds 60%.SARSEP discrimination test worksheet (Form 6)—This form is kept by the employer or plan administrator and used by the employer to ensure that the plandoesn’t provide benefits to highly compensated employees at a rate higher than that allowed by the Internal Revenue Service (IRS). This calculation is based onthe percentage of compensation deferred by both highly compensated employees (HCEs) and non-highly compensated employees (NHCEs). If it is determined thatany HCEs are making excess deferral contributions, the employee must receive the notice of excess deferral contribution, and withdraw the contribution. This testshould be done during the plan year in order to notify the employee before the withdrawal period has ended.Employee formsSalary reduction agreement (Form 4)—This form is given to the employee by the employer. This agreement, when signed by the employee authorizes theemployer to withhold a portion of his or her salary from each paycheck to be deposited into a SARSEP IRA account.SARSEP notification of excess deferral contributions (Form 7A)—This notice is given to the employee by the employer. If an employee has made excess salarydeferral contributions, he or she must remove the excess amount from his or her IRA by April 15 of the year following the plan year in which the excess deferral wasmade. The excess amount is reported to the employee on this notice, which should be given to the employee before the end of the plan year.SARSEP notice of disallowed deferrals (Form 7B)—This notice is given to the employee by the employer. Salary reduction contributions are not allowed underthe SARSEP unless at least 50% of eligible employees elect to make salary deferral contributions. If the plan fails this test, all amounts deferred become taxableand must be removed from the employees’ IRAs. This notice informs the employee of this and of the amount that must be removed.
FORM 1Universal SEP—adoption agreement instructionsThese instructions are designed to help you, the employer, along with your attorney and/or tax advisor, establish your SEP plan. The instructions are meant to beused only as a general guide and are not intended as a substitute for qualified legal or tax advice.If you wish to have help filling out the adoption agreement, please call us at 800-432-1969. However, we recommend that you obtain the advice of your legal or taxadvisor before you sign the adoption agreement.1. Establishment and purpose of planThere are no elections required for Section 1. Refer to the basic plan document for information regarding this section.2. Effective datesIndicate whether this is a new plan (an initial adoption) or an amendment and restatement of an existing SEP plan and the effective dates.If this is a new SEP plan, check option A and fill in the effective date. The effective date is usually the first day of the plan year in which this adoption agreement issigned. For example, if an employer maintains a plan on a calendar-year basis and this adoption agreement is signed on September 24, 2020, the effective datewould be January 1, 2021.If the reason you are adopting this plan is to amend and replace an existing SEP plan (the plan being replaced is called a Prior plan), you will need to know theeffective date of the Prior plan, which can usually be found in the Prior plan’s adoption agreement. The effective date of this amendment and restatement is usuallythe first day of the plan year in which the adoption agreement is signed.3. Eligibility and participationNote: Section 3 should be completed even if you don’t have employees.Within limits, you as the employer can specify the number of years your employees must work for you and the age they must attain before they are eligible toparticipate in this plan. Note that the eligibility requirements that you set up for the plan also apply to you.6XSSRVH IRU H[DPSOH \RX HVWDEOLVK D VHUYLFH UHTXLUHPHQW RI WKUHH RI WKH LPPHGLDWHO\ SUHFHGLQJ ¿YH \HDUV DQG DQ DJH UHTXLUHPHQW RI ,Q WKDW FDVH RQO\ WKRVH HPSOR\HHV LQFOXGLQJ \RXUVHOI ZKR KDYH ZRUNHG IRU \RX IRU WKUHH RI WKH LPPHGLDWHO\ SUHFHGLQJ ¿YH \HDUV DQG DUH DW OHDVW \HDUV ROG DUH HOLJLEOH WR SDUWLFLSDWH in the plan.4. Contributions and allocationsPart A Contribution formula—Because a SEP plan allows for flexible contributions, the amount of the contribution will be determined from year to year.Option 1. Discretionary formula—Check this option if you want this SEP plan to allow for flexible contributions that will be determined from year to year.Option 2. Fixed percent of profits formula—Check this option if you want this SEP plan to require a fixed contribution from year to year. Fill in the applicablecontribution percentage and dollar amount.Option 3. Not applicable—Check this option if the employer will not make employer contributions to this plan.Part B Allocation formula—Once the contribution amount has been decided for a plan year, it must be allocated among the participants in the plan.The contribution can be allocated using either a pro rata formula, a flat dollar formula, or an integrated formula. Check option 1, 2, or 3.Option 1. Pro rata formula—Check this option if you wish to have the same contribution percentage allocated to all qualifying participants based on theirCompensation for the plan year.Option 2. Flat dollar formula—Check this option if you wish to contribute the same dollar amount for each participant.Option 3. Integrated formula—Generally, Social Security integration is a method of giving some participants in the plan an extra contribution allocation.Because of the complexity of integration, you should consult your tax advisor regarding this issue.5. Compensation and plan year electionsThis Section allows you to define Compensation for purposes of employer Contributions to the plan, and also the time period the plan will use to determinethe plan year.Part A CompensationSelect either Option 1, 2, or 3 depending on how the plan will define Compensation for purposes of employer Contributions. Refer to the Definitions Sectionof the plan for a description as to the Code requirements for each of these choices.Part B Plan yearThe plan allows you to determine the plan year based on the 12-consecutive month period that coincides with your taxable year, the calendar year, oranother 12-consecutive month period. Select the appropriate option that will define the plan year.ERSEPDOC FORM 1 2/21PAGE 1 OF 5#425 2020 Ascensus, LLC
6. Amendment or termination of planThere are no elections required for Section 6. Refer to the basic plan document for information regarding this section.7. Salary deferral SEP provisionsPart A Limits on elective deferralsA limit may be placed on the Compensation deferred into the plan by each Contributing participant. The limit may be either a specific dollar amount or apercentage of Compensation.Part B Separate deferral election for bonusesChoose whether a Contributing participant may make a separate deferral election to contribute to the plan, as an Elective Deferral, part or all of a bonusrather than receive such bonus in cash.Part C Catch-up contributionsChoose whether Catch-up Contributions will be allowed to be contributed to the plan as an Elective Deferral by those eligible employees that are allowed tomake such contributions under the Code.8. Adopting employer signatureAn authorized representative of the employer must sign and date the adoption agreement.Other items Provide each employee with an employee information Q&A booklet and completed SEP summary for employees. Make sure that all eligible employees have established IRAs. For Salary Deferral SEPs, be sure to collect completed Salary reduction agreements from eligible employees. For Salary Deferral SEPs, periodically perform nondiscrimination tests by completing the SARSEP discrimination test worksheet.ERSEPDOC FORM 1 2/21PAGE 2 OF 5#425 2020 Ascensus, LLC
Reset FormFORM 1SEP IRA employeradoption agreementIntroductionInstructionsPlease use this form for John Hancock custodial accounts. This form allows you to open a new SEP IRA plan.The instructions are designed to help you, the employer, along with your attorney and/or tax advisor,to establish your SEP IRA plan. These instructions are meant to be used as a general guide and are notLQWHQGHG DV D VXEVWLWXWH IRU TXDOL¿HG OHJDO RU WD[ DGYLFH 3OHDVH SULQW LQ DOO FDSLWDO OHWWHUV DQG XVH EODFN LQN Questions about this form?800-432-1969Contact us:800-432-1969jhinvestments.comSee the end of this documentfor return instructionsEmployer InformationName of adopting employerAddressCityStatePhone numberZip codeAdopting employer’s federal tax ID numberIncome tax year-end monthDay1. Establishment and purpose of planThere are no elections required for section 1. Refer to the basic plan document for information regarding this section.2. Effective dates (Check and complete option A or B)1RWH 7KH HIIHFWLYH GDWH LV XVXDOO\ WKH ¿UVW GD\ RI WKH plan year in which this adoption agreement is signed.Option A:This is the initial adoption of a Simplified Employee Pension plan by the employer.The effective date of this plan is.Option B:This is an amendment and restatement of an existing Simplified Employee Pension plan (a prior plan).The Prior plan was initially effective on.The effective date of this amendment and restatement is.3. Eligibility and participation (Complete parts A through D, as appropriate)Part AService requirement: An employee will be eligible to become a participant in the plan after having performed service for the employer during atleast(specify 0, 1, 2, or 3) of the immediately preceding five plan years.Note: If left blank, the service requirement will be deemed to be 0.For purposes of determining whether an employee has met the service requirement, an employee shall be given credit for service with the followingpredecessor employer(s) (complete if applicable):Part BAge requirement: An employee will be eligible to become a participant in the plan after attaining ageNote: If left blank, it will be deemed there is no age requirement for eligibility.(no more than 21).Part C Employees employed as of effective date: Will an employee employed as of the effective date of this plan who has not otherwise met the age andservice requirements of the plan be considered to have met those requirements as of the effective date? (Select one)Option 1:YesOption 2:NoNote: If no option is selected, option 2 shall be deemed to be selected.ERSEPDOC FORM 1 2/21PAGE 3 OF 5#408 2007 Ascensus, LLC
3. Eligibility and participation (Complete parts A through D, as appropriate) (continued)Part D Class of employees eligible to participate: All employees shall be eligible to become participants in the basic plan document, except the following:(Select any that apply)Collective bargaining unit employees as described in Section 3.02(A) of the basic plan documentNonresident aliens as described in section 3.02(B) of the basic plan documentAcquired employees as described in section 3.02(C) of the basic plan documentEmployees who have received less than 600 (indexed for cost-of-living increases in accordance with Code section 408(k)(8) of Compensationfrom the employer during the plan year as described in section 3.02(D) of the basic plan document4. Contributions and allocations (Complete parts A through C, as appropriate)Part AContribution formula: (Select option 1, 2, or 3)Option 1:Discretionary formula. For each plan year the employer will contribute an amount to be determined from year to year.Option 2: )L[HG SHUFHQW RI SUR¿WV IRUPXOD BBBBBBB RI WKH HPSOR\HU¶V SUR¿WV WKDW DUH LQ H[FHVV RI BBBBBBB Not applicable. The employer will not make employer contributions to this plan.Option 3:Note: If no option is selected, option 1 shall be deemed to be selected.Part BAllocation formula: (Select option 1, 2, or 3)Pro rata formula. The employer contribution for each plan year shall be allocated in the manner described in Section 4.01(B)(1) of theOption 1:Basic plan Document.Option 2:Flat dollar formula. The employer contributions allocated to the IRAs of participants shall be the same dollar amount for each participant.Option 3:Integrated formula. The employer contribution shall be allocated in the manner described in Section 4.01(B)(2) of the basic plan document.For purposes of the integrated formula, the integration level shall be: (Select one)Suboption (a):The Taxable Wage Base (TWB)Suboption (b): BBBBBBB RI WKH 7:%Note: If no suboption is selected in part B, option 3, suboption (a) (TWB) shall be deemed to be selected.Note: If no option is selected in part B, option 1 (pro rata formula) shall be deemed to be selected.Part CTop-heavy minimum allocation: For any plan year with respect to which this plan is a top-heavy plan, any minimum allocation required pursuantto section 4.02 of the basic plan document shall be made: (Select one)To this plan.Option 1:To the following plan maintained by the employer: (Specify the name and plan sequence number of the plan)Option 2: BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBNote: If no option is selected, option 1 shall be deemed to be selected.5. Compensation and plan year elections (Complete parts A and B, as appropriate)Part ACompensation: For purposes of employer contributions, Compensation will mean all of each participant’s: (Select one)Option 1:W-2 wages.Option 2:Section 3401(a) wages.Option 3:415 safe harbor Compensation.Note: If no option is selected, option 1 shall be deemed to be selected.Part BPlan year: (Select one)Option 1: 7KH FRQVHFXWLYH PRQWK SHULRG WKDW FRLQFLGHV ZLWK WKH DGRSWLQJ HPSOR\HU¶V ¿VFDO \HDU Option 2:Option 3:The calendar year.Other 12-consecutive-month period pecify a 12-consecutive-month period selected in a uniform and nondiscriminatory manner.)Note: If no option is selected, option 1 shall be deemed to be selected.If the initial plan year is a short plan year (i.e., less than 12 months) VSHFLI\ VXFK SODQ \HDU¶V EHJLQQLQJ DQG HQGLQJ GDWHV BBBBBBBBBBBBBBBBBBBBBBBBBB 6. Amendment or termination of planThere are no elections required for Section 6. Refer to the basic plan document for information regarding this section.ERSEPDOC FORM 1 2/21PAGE 4 OF 5#408 2007 Ascensus, LLC
7. Salary Deferral SEP provisions (Complete parts A through C, as appropriate)Note: This section may not be used to establish a new Salary Deferral SEP plan on or after January 1, 1997. You may, however, amend and restate a Salary DeferralSEP plan that was in existence prior to January 1, 1997.Part ALimits on elective deferrals: A contributing participant may elect under a salary reduction agreement to have his or her Compensation reducedE\ DQ DPRXQW QRW LQ H[FHVV RI BBBBBBBBB RU BBBBBBBB RI &RPSHQVDWLRQ Part BNote: A contributing participant who attains age 50 on or before the end of the calendar year may elect, if allowed in Section 7, Part C of this Adoption JUHHPHQW WR GHIHU DQ DGGLWLRQDO DPRXQW LQ H[FHVV RI WKH DPRXQW RU SHUFHQWDJH RI &RPSHQVDWLRQ VSHFL¿HG DERYH SXUVXDQW WR 6HFWLRQ RI WKH EDVLF SODQ document.Separate deferral election for bonuses: Instead of, or in addition to, making elective deferrals through payroll deduction, may a contributing participantmake a separate deferral election to contribute to the plan, as an elective deferral, part or all of a bonus, rather than receive such bonus in cash? (Select one)Option 1:YesOption 2:NoNote: If no option is selected, option 2 shall be deemed to be selected. A separate deferral election made with respect to a bonus shall not be subject to thelimits described under the portion of this adoption agreement titled “Limits on elective deferrals,” part A, this section, unless such limits are prescribed by theCode or related Regulations.Part CCatch-up contributions: Will catch-up contributions, as described in Section 7.01(B) of the basic plan document, be permitted under this plan? (Select one)Option 1:YesOption 2:NoNote: If no option is selected, option 1 shall be deemed to be selected.8. Adopting employer signatureI acknowledge that I have relied on my own advisors regarding the completion of this adoption agreement and the legal and tax implications of adopting this plan. Iunderstand that my failure to properly complete this adoption agreement may result in adverse tax consequences. I have received a copy of this adoption agreementand the basic plan document.SIGNHERESignature of adopting employerDate signed (MM/DD/YYYY)Name of adopting employer (please print)John Hancock Funds, LLC800-432-1969Name of Prototype SponsorPhone200 Berkeley StreetBostonMA02116AddressCityStateZip code9. MailPlease enclose and mail to:ERSEPDOC FORM 1 2/21Regular mailJohn Hancock Signature Services, Inc.P.O. Box 219909Kansas City, MO 64121-9909PAGE 5 OF 5Express mailJohn Hancock Signature Services, Inc.430 West 7th StreetSuite 219909Kansas City, MO 64105-1407#408 2007 Ascensus, LLC
FORM 2Plan investment formIntroductionInstructionsPlease use your employee’s IRA plan agreements to complete this form, converting the investmentpercentages of each employee to dollar amounts. All participants should be listed on the reverse of this form.Questions about this form?800-432-1969Contact us:800-432-1969jhinvestments.comSee the end of this documentfor return instructions1. employer InformationName of employerDate (MM/DD/YYYY)AddressCityStateZip codeAuthorized individual’s name (please print)SIGNHEREAuthorized individual’s signature2. Effective dates (Check and complete option A or B)SEPSEP with Salary Reduction Arrangement (SARSEP)Dealer representativeTelephone'HDOHU ¿UPBranch locationSIGNHERERepresentative’s signature3. InvestmentPlease complete this form and attach a check, payable to John Hancock Signature Services, Inc., for the amount shown on the back of this form. Amount of check4. MailPlease enclose and mail to:ERSEPDOC FORM 2 2/21Regular mailJohn Hancock Signature Services, Inc.P.O. Box 219909Kansas City, MO 64121-9909PAGE 1 OF 2Express mailJohn Hancock Signature Services, Inc.430 West 7th StreetSuite 219909Kansas City, MO 64105-1407
ERSEPDOC FORM 2 2/21ExampleInvestment allocations(Allocations must total 100%)ContributionsParticipant’s nameSSN/account numberSmith, Donald123-45-6789Employer ( )Salarydeferral ( )Total ( ) 100 200 300EmployerFund name John HancockESG Large Cap Core FundContribution allocation formfor payroll endingSSN/Account numberJohn Hancock Bond Fund 150Investment allocationsDateParticipant’s name 150Salary deferralFund name(Allocations must total 100%)ContributionsEmployer ( )PAGE 2 OF 2Total Salarydeferral ( )Total ( )Fund nameEmployer Salary deferralFund name
FORM 3SEP summary for employeesIntroductionInstructionsPlease read this form along with your employee information question and answer booklet.Questions about this form?800-432-1969Contact us:800-432-1969jhinvestments.comThis document does not need to be returned.It should be retained by the employee.1. Establishment of SEP plan RXU HPSOR\HU KDV DGRSWHG D W\SH RI HPSOR\HH EHQH¿W SODQ NQRZQ DV D 6LPSOL¿HG (PSOR\HH 3HQVLRQ 6(3 SODQ ,Q RUGHU WR EHFRPH D SDUWLFLSDQW LQ WKH SODQ \RX PXVW PHHW WKH SODQ¶V HOLJLELOLW\ UHTXLUHPHQWV VSHFL¿HG EHORZ 2QFH \RX EHFRPH D SDUWLFLSDQW \RX DUH HQWLWOHG WR UHFHLYH D FHUWDLQ VKDUH RI WKH DPRXQWV \RXU employer contributes under the plan and/or make contributions to the plan out of your salary. All contributions will be deposited into an IRA for you. Contributionsmade under the plan for you are yours to keep. These features of the plan are explained further in the employee information question and answer booklet.The actual plan is a complex legal document that has been written in a manner required by the Internal Revenue Service. This document is called a SEP summaryfor employees. It is designed to explain and summarize the important features of the plan. You also may examine the plan itself at a reasonable time by makingarrangements with the below-mentioned representative of your employer. If you have any questions or need additional information about the plan, consult:Name of employer representative2. employer informationName of adopting employerAddressCityStateZip codePhone numberPlan year-end monthDay3. InvestmentBasic SEP plan: Your employer has adopted a “Basic” SEP plan. Under this type of SEP plan, your employer may (but is not required to) make contributionson your behalf. Your right to receive and the amount of the contribution will be determined under the “Eligibility” and “Contribution and allocations” sections below.Salary Deferral SEP plan: Your employer has adopted a “Salary Deferral” SEP plan. Under this type of SEP plan, your employer may (but is not required to)make contributions on your behalf. In addition, if you agree to a payroll deduction, your employer will deposit the percentage of your salary you specify to yourIRA. These types of contributions are called elective deferrals.4. Effective datesAll employees will be considered to have met the age and service requirements described above, if employed on the effective date of this SEP plan.YesNoThe effective date of this SEP plan is.If this is a restatement of an existing SEP plan (a Prior plan):The Prior plan was initially effective on.The effective date of this restatement is.ERSEPDOC FORM 3 2/21PAGE 1 OF 2#413 2020 Ascensus, LLC
5. EligibilityEmployer contributions: Contributions and, if a Salary Deferral SEP plan has been adopted, elective deferrals may be made by your employer for you if you are aneligible employee and if you have met the age and service requirements set forth below.Eligible employees: 8QGHU WKH 6(3 SODQ DOO HPSOR\HHV FDQ SDUWLFLSDWH H[FHSW WKH FODVVL¿FDWLRQV RI HPSOR\HHV FKHFNHG EHORZ 7KRVH HPSOR\HHV FRYHUHG E\ WKH WHUPV RI D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW D XQLRQ DJUHHPHQW ZKHUH UHWLUHPHQW EHQH¿WV ZHUH QHJRWLDWHG Those employees who are nonresident aliens with no U.S. Earned Income.Those employees who are determined to be acquired employees as a result of an acquisition or similar transaction with the employer, as described in the Code(during the transition period only).Those employees who did not earn at least 600 (for 2020) and 650 (for 2021) from the employer during the year. (This amount is subject to cost-of-living adjustments.)Age requirement: You must be at leastyears old.Service requirement: You must have worked for your employer in at least PXVW EH RU RI WKH LPPHGLDWHO\ SUHFHGLQJ ¿YH \HDUV 6. Contributions and allocationsThe amount of the employer contribution, if any, will be determined according to the formula selected below. (Check one)Discretionary: An amount determined each year by the employer.)L[HG SHUFHQW RI SURÀWV IRUPXOD RI WKH HPSOR\HU¶V SUR¿WV LQ H[FHVV RI .The employer will not make employer contributions to the SEP plan.Any employer contribution will be allocated to your IRA in accordance with the formula selected below. (Check one)Pro rata formula: Each eligible employee will receive a pro rata portion of the employer contribution equal to the ratio of his or her Compensation to the totalCompensation of all eligible employees. Thus, the contribution will be the same percentage of Compensation for all employees.Flat dollar formula: The employer contribution for all eligible employees will be the same dollar amount.Integrated formula: Integration allows contribution percentages among eligible employees to vary. Details about integration are provided in your employeeinformation question and answer booklet. The integration level is: (Check one)The Taxable Wage Base (TWB) or% of the TWB.Elective deferrals: (For salary deferral SEP plans only) You can set aside each pay period an amount not in excess of or% of yoursalary or earnings from your employer to your IRA, but the dollar amount set aside for any calendar year cannot exceed 19,500 (for 2020 and 2021). This limitationmay be adjusted for cost-of-living increases.Catch-up contributionswill orwill not be permitted under the SEP plan.If catch-up contributions are available under the SEP plan, and you will attain age 50 on or before the end of the calendar year, you can elect to have your elective deferrals increased by an additional amount. This additional amount shall not be greater than 6,500 (for 2020 and 2021). This limitation may be adjusted for cost-of-livingincreases.Your employer has elected that youmay authorize an amount of a cash bonus not to exceed 19,500 (for 2020 and 2021) to be contributed to your IRA, rather than being paid to you. (This limitationmay be adjusted for cost-of-living increases.)may not authorize a cash bonus to be contributed to your IRA.ERSEPDOC FORM 3 2/21PAGE 2 OF 2#413 2020 Ascensus, LLC
FORM 4Salary reduction agreement(For salary deferral SEPs only)IntroductionQuestions about this form?800-432-1969InstructionsPlease read all sections of this salary reduction agreement before signing.Contact us:800-432-1969jhinvestments.comThis document does not need to be returned.It should be retained by the employee.1. employer InformationEmployer and plan informationEmployee informationName of planNameName of employerHome addressEmployer addressCityStateEmployee numberSocial Security numberCityStateZip CodeZip Code2. Effective dates (Check and complete option A or B)Limits on retirement savings contributions. Each employee who is eligible to enroll as a contributing participant in this Simplified Employee Pension (SEP) planmay set aside an amount not in excess of or% of his or her pay ito the plan. A participant who is age 50 or older bythe end of the plan year is allowed to make additional catch-up contributions. The amounts set aside and contributed to the plan are called elective deferrals.Your employer will permit you to base elective deferrals on cash bonuses.YesNoChanging this agreement. An employee may change the percentage of pay he or she is setting aside into the plan, as of any enrollment date (dates areand). Any employee who wishes to make such a change must complete and sign a new retirement savings agreementand give it to the employer at least 30 days before the change is to become effective.Terminating agreement. An employee may, by giving at least 30 days’ written notice to the employer, terminate this salary reduction agreement as of the last daypreceding any enrollment date (or more frequently, if permitted by the employer). After terminating this salary reduction agreement, an employee cannot again enrollas a contributing participant until the first day of the plan year following the year of termination.Effective date. 7KLV VDODU\ UHGXFWLRQ DJUHHPHQW ZLOO EH HIIHFWLYH IRU WKH SD\ SHULRG WKDW EHJLQV BBBBBBBBBBBBBBBBBBBBB 3. Authorization to be completed by the employeeEmployee elective deferrals. I, the undersigned employee, wish to set aside, as elective deferrals, the following dollar amount or percentage of my pay into myemployer’s SEP plan by means of payroll deduction: or%.Note: If you are eligible to defer, your SEP plan permits catch-up contributions and you attain (or are deemed to have attained) age 50 before the close of the planyear, you may make catch-up contributions under the SEP plan. In addition, certain limits as required by law must be met prior to being eligible to make catch-upcontributions. Your election above will pertain to elective deferrals, which may include catch-up contributions. See your employer for the catch-up contribution limitfor the year and additional information.I, the undersigned employee, if permitted by my employer, wish to set asideof
SARSEP notification of excess deferral contributions (Form 7A)—This notice is given to the employee by the employer. If an employee has made excess salary If an employee has made excess salary deferral contributions, he or she must remove the excess amount from his or her IRA by April 15 of the year following the plan year in which the excess .
