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SEP Accounts

Dad and son on hilltop Save to Win

SEP Accounts


Simplified Employee Pension (SEP) plans were created to allow self-employed persons, sole proprietorships, partnerships, small businesses, small employee groups and corporations to provide retirement plans via an easily established and maintained retirement program.

Advantages of an SEP Plan as an employer:

  • Contributions are tax-deductible
  • Contributions made for employees are a business expense that reduces net profits
  • Deadline for establishing and making contributions is the employer’s tax return deadline for the year in which the contributions are made
  • Contributions are flexible (IRS limits apply. Consult your tax advisor.)
  • You may establish an SEP plan and make contributions even if you are employed and covered by a retirement plan at work

Advantages of an SEP Plan as an employee:

  • Offers immediate vesting
  • IRAs funded by SEP contributions are portable. An employee can move his or her IRA to other financial institutions that offer IRAs
  • SEP plan contributions are invested in accordance with the employee’s instructions
  • Employees can choose from the investments offered by the financial institutions that administer their IRAs
  • SEP plan contributions can be made until the employee retires, regardless of age
  • SEP plan contributions made by an employer are not included in the employees’ income for tax purposes, and employees pay no taxes on the amounts in their SEP accounts until the funds are withdrawn

Open your SEP account


Join online in minutes, then you can open your SEP account at any branch.


Open an account at any branch.

You can also visit any branch or call our Contact Center at (805) 543-1816.
For additional information, see How to Join »

Your Money is Safe at SESLOC

Accounts are insured to at least $250,000 by the National Credit Union Administration, a U.S. government agency. 



New to credit unions? Learn more about our philosophy and how your money stays local.

Retirement Tips

From the News+ Blog

SECURE 2.0 Offers New Options for 529 Plans and Student Loan Payments

SECURE 2.0 Offers New Options for 529 Plans and Student Loan Payments

In December 2022, Congress passed the SECURE 2.0 Act. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to qualify for employer retirement matching contributions. The overall goal is to help young adults start saving for retirement.

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