SEP - (Simplified Employee Pension) -USA -  This type of pension plan is in writing. The self employed taxpayer then has the capability to contribute to his or her own account and also to contribute to their employees retirement accounts. These plans are fairly simple to set up rather than some of the more complex plans which are more complex to set up. The employer which is also the taxpayer contributes funds to a traditional individual retirement arrangement, which is called a SEP-IRA. The SEP-IRA account must be set up for each eligible employee at a brokerage. The employee will own and be able to control their account at the brokerage. The Employer, who is also the taxpayer will send contributions for each employee to the financial institution to be deposited into each employees SEP-IRA Account