SEP & SIMPLE Pension Plans

Plan	Plan Establishment Deadline	Funding Deadline	Contribution Limit	Eligibility Requirements
Simplified Employee Pension Plan (SEPP) IRC #408	Tax filing deadline plus extensions.	Tax filing deadline plus extensions.	0%-25% or $66,000 (2023) and $69,000 (2024) whichever is less, based on the first $330,000* (2023) and $345,000* (2024) of compensation.	Employer may require service of up to three of the five years preceding the year of contribution and 21 years of age.
Savings Incentive Match for Employees (SIMPLE) IRC #408	October 1	Tax filing deadline plus extensions	Employee elective deferrals up to $16,000* under age 50 and $19,500* age 50 and over (2024)--employer elects either a dollar for dollar match of up to 3% of employee compensation (can be lowered to 1% in two out of five years) or provides nonelective deferrals of 2% of compensations	Small employers with 100 or fewer employees who received at least $5,000 in compensation during any two previous calendar years and are reasonably expected to make $5,000 during the current year.

* Subject to cost of living increases. Compensation may be adjusted annually by IRS.