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Can a 2 employee corporation set up a SEP retirement plan if the owner does not work in his own corporation?

I manage a small 2-employee corporation. The owner is only the investor: he does not work in his corporation. In order to make the job more attractive to me and the other employee, I mentioned the SEP plans. He is willing to set it up for us, but I am not sure if it can be set up only for the employees if the "owner-employee" does not also participate.

Asked By: ODC - 3/27/2006
Best Answer - Chosen by Asker
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Answered By: venkinatson - 4/8/2006
Additional Answers (1)
That is a good question. If he is technically an employee he is required to participate. If he is not taking "wages" as an employee he wouldn't be eligible to participate anyway. This is basically setup as an equal benefit for ALL employees. Although the owner can set the criteria for qualification (i.e. years of... More
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Answered By: Chazz - 4/6/2006
 
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