Start Your SEP-IRA in Three Easy Steps:
Step 1: Adopt a plan
Download and complete the IRS Form 5305-SEP and the SEP-IRA Employer Information Form to establish your plan with
- First, fill out Form 5305-SEP. You don't need to file this form with the IRS, but you should keep the original on file and send a copy to
T. Rowe Price. To complete the form, decide who will be eligible to be in the plan if you have employees. - You can establish a minimum age requirement (up to age 21) or require that employees work for your company during three of the immediately preceding five years before they're eligible for SEP-IRA contributions.
- You may choose to exclude union employees who are eligible for retirement benefits under a collective bargaining agreement, certain nonresident aliens, and any employee whose total annual compensation is less than $500 in 2008, or you can choose to make all your employees eligible for the plan. Keep in mind that any requirement will apply to all employees, including yourself.
- You'll be using our Plan Sponsor Web site (PSW) as a tool to aid in the administration of your plan. This secure Web site is designed to support some of your routine tasks, including submitting plan contributions and obtaining plan information.
- Complete the SEP-IRA Employer Information Form which, when completed, will allow you to remit plan contributions to us electronically via Automated Clearing House (ACH). We will send your PSW login information to you by mail.
Step 2: Establish a SEP-IRA account for yourself and eligible employees
- Download and complete a SEP-IRA New Account Form for yourself. If you need help choosing mutual funds for your SEP-IRA, obtain a prospectus below, or call 1-800-638-3804 for assistance.
- Be sure to also fill out a SEP Transfer Form to move an existing SEP-IRA to
T. Rowe Price. Use this form to move an existing SEP-IRA toT. Rowe Price. Be sure to also fill out a New Account Form if this will be a new SEP-IRA withT. Rowe Price. - There are three ways your employees can get the forms needed to establish their accounts.
- They can visit the employee open an account page and download the new account forms.
- You can print new account forms and the T. Rowe Price Traditional and Roth IRA Disclosure Statement and Custodial Agreement and provide copies to your employees.
- They can contact one of our client service representatives at
1-800-638-3804 to have SEP IRA Employee kits mailed to them.
Step 3: Make your SEP-IRA contributions
Your initial contribution may be submitted via mail or Plan Sponsor Web; all subsequent contributions will be made via Plan Sponsor Web. Mail your forms (and, if desired, the initial contribution check made payable to
T. Rowe Price Retail Retirement Services
P.O. Box 17479
Baltimore, MD, 21297-1479
Using the Plan Sponsor Web Site, submit plan contributions electronically via Automated Clearing House (ACH). To download forms for the Plan Sponsor Web Site, click on the below link.
- Plan Sponsor Web
Follow this link for more information about the Plan Sponsor Web site. - SEP-IRA Initial Contribution Form
- Traditional IRA Contribution Form
Download and complete the Traditional IRA Contribution Form in order to make Traditional IRA contributions to your SEP-IRA account. - Beneficiary Change Form
Use this form to update your beneficiary information.
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