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Terminating a SEP

If you decide your SEP no longer suits your business, consult with your financial institution to determine if another type of retirement plan might be a better match.

To terminate a SEP, notify the SEP-IRA financial institution that you will no longer be contributing and that you want to terminate the contract or agreement. It is a good idea to notify your employees that you have discontinued the plan.

You do not need to give any notice to the IRS that you have terminated the SEP.

Page Last Reviewed or Updated: 11-Oct-2016