SEP IRA
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Open
Set up a SEP IRA plan
Employer forms
Use these forms to set up a SEP IRA plan for an employer.
Complete the forms in the SEP IRA Plan Sponsor Guide.
Employee form
Use this form to open participant accounts.
Complete the form in the SEP IRA Employee Guide.
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For eligibility, funding deadlines and other information about opening a SEP IRA, refer to Opening SEP IRAs.
Brochures and enrollment meeting materials
SEP program highlights
This single sheet covers the program highlights for SEP IRAs. It can be shared with clients who are considering opening a SEP plan.
View the SEP IRA program highlights single sheet.
Comparison brochure
Compare retirement plan contribution limits and key features to determine which option is best for your client.
View the Choose a plan that meets the needs of your employees and your organization brochure.
Enrollment meeting
Follow these steps:
- Schedule the meeting, then allow a 60-day enrollment period
- Provide employees with applications and fund prospectuses
- Return the completed applications
View the SEP IRA Employee Guide.
Common questions
There are several differences between SEP IRA and SIMPLE IRA plans. Review Compare SEP and SIMPLE IRAs for a comparison chart for eligibility, contribution limits and more.
No. When the plan is established, employers will be set up to use the Online Group Investments (OGI) website. Instructions and login information are emailed to the employer and plan contact.
A new SEP IRA plan must be established by the employer’s tax-filing deadline, plus extensions.
No, an employee’s SEP IRA account cannot be linked with their other personal accounts. Most SEP IRAs are aggregated with other participant accounts that are part of the same plan or that are part of an employer-sponsored retirement plan offered by the same or an affiliated employer.
However, exceptions apply in the case of a sole proprietor whose only plan participants are:
- The owner
- Their spouse
- Their spouse equivalent, if recognized under local law
- Their children under the age of 21
- Their disabled adult children with ABLEAmerica® accounts
Refer to Share classes and breakpoints for additional information on reducing the sales charge and the fund prospectus for additional details on aggregating accounts.
Your client will be charged a $10 setup fee per IRA account type. If the $10 setup fee is not included with the application, Capital Bank and Trust Company will deduct $10 worth of shares from the new account. In addition, there is a $10 annual fee per IRA account type charged each December.
- Schedule the meeting, then allow a 60-day enrollment period
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Update
Update employees’ personal information
Update employee’s name
Use this form and submit it with supporting documentation. See the form for requirements.
Complete the Name Change Request.
Update employee’s address
Update the address via the employee’s online account. Use the options on the right side of the page.
Note: Unless the form is signature guaranteed, there is a 10-calendar-day wait to process a distribution to the new address.
Log in to Client Accounts.
Update employee’s contact information
An employee’s email address and/or phone number can be updated on DST Vision or by contacting us.
Log in to DST Vision.
Link a bank account to sell shares
Use this form to add or update bank information.
Note: Unless the form is signature guaranteed, there is a 10-day wait to process a distribution to the new bank account.
Complete the Add/Update Bank Information form.
If your client has experienced a major life event, visit Life events for checklists to assist with account updates they may need to consider.
Update plan information
Update plan contact and address
Use this form to update plan-level information.
Complete the Online Group Investments (OGI) Submitting Contributions form.
Change the bank on file for employer contributions
The employer can update the bank on the Online Group Investments (OGI) website. Alternatively, you can use this form to change the bank on file.
Complete the Online Group Investments (OGI) Submitting Contributions form.
Update employees’ beneficiary information
Designate or update IRA beneficiaries
Use this form to add or update an employee’s IRA beneficiary. Alternatively, the employee may be able to make the change by logging in to their account on the investor website.
Complete the IRA Beneficiary Change form.
Order the IRA beneficiary designations report
This report lists clients who have either not made a beneficiary designation or not updated their beneficiary designation in the past 5 years.
Order the report.
Learn about the different types of IRA beneficiary designations.
Common questions
The SEP IRA plan must be amended and restated if any of the following changes:
- The plan name
- The form of business
- Eligibility requirements
- Employer allocation formula
- Type of plan document used
Contact us for assistance with amending and restating the plan.
Complete the Financial Professional Change Request with a signature from the employer. The dealer and financial professional information will be updated on all eligible participants’ accounts, except for those accounts where the participant has requested a prior change. Once the participant changes the account to a different dealer firm or financial professional, the employer can no longer change the information for that participant.
Yes, each participant has the option to choose their own financial professional.
- The plan name
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Transact
Contributions
Employer contributions
Contributions must be submitted though the Online Group Investments (OGI) website. Once a new plan is established, the plan contact is provided with their user ID and instructions for submitting contributions. For additional assistance using the OGI website, contact us at (800) 421-4225, ext. 39.
Visit the Online Group Investments (OGI) website.
Traditional IRA contributions
Contributions must be made by sending a check payable to Capital Bank and Trust Company (CB&T). Include:
- Account number
- Investment instructions
- Contribution year (indicate current year or prior year from January 1 until the tax-filing deadline)
- Contribution type
Mail the check to the service center near you.
Visit SEP IRA contributions for additional details about contribution limits, deadlines and more.
Distributions
Make a one-time distribution
Funds can be sent via check or Automated Clearing House (ACH) if the client’s bank account is already linked. Access the client’s account online and click Sell.
Log in to Client Accounts.
Set up automatic distributions
Funds can be sent automatically by setting up an automatic withdrawal plan.
Complete the IRA Automatic Distribution Request.
Take a one-time required minimum distribution (RMD)
If you already know the RMD amount, you can complete a one-time distribution online. Access the client’s account online and click Sell. Visit the Required Minimum Distribution (RMD) guide for more information.
Log in to Client Accounts.
Set up automatic RMDs
Use this form to set up automatic RMDs. Capital Group will calculate the RMD amount each year and distribute the funds based on the selected schedule and delivery method.
Complete the Required Minimum Distribution (RMD) Request.
Visit SEP IRA distributions for additional details about distributions, RMDs and more.
Exchanges and rebalances
Complete a one-time exchange or rebalance
A one-time exchange or rebalance can be processed by logging in to Client Accounts and selecting either Exchange or Rebalance.
Log in to Client Accounts.
Set up an automatic exchange or rebalance plan
Automatic exchange and rebalance plans can be set up or modified online. Access the client’s account online and click Automatic Transactions.
Log in to Client Accounts.
Visit SEP IRA exchanges and rebalances for additional details about one-time and automatic exchanges and rebalances.
Transfers and rollovers
Move an external IRA to a SEP IRA at American Funds
Use this form to request a transfer or direct rollover from an external IRA or qualified plan to a SEP IRA at American Funds.
Complete the Request for Transfer of Assets or Direct Rollover.
Move from an American Funds SEP IRA to another IRA
Use this form to request a rollover or transfer from an existing American Funds SEP IRA to another financial institution or to another American Funds IRA.
Complete the IRA Rollover/Transfer Request.
Refer to IRA incoming transfer and rollover guide or IRA outgoing transfer and rollover guide for additional details about transferring and rolling funds into and out of Capital Group.
Common questions
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Contact us
Have questions or need additional support?
Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.
For financial professionals only. Not for use with the public.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Use of this website is intended for U.S. residents only.
The guidelines and procedures provided in the Account Resource Center may not apply to networked accounts or accounts not directly held by American Funds. The guidelines and procedures provided also apply only to those retirement accounts or Coverdell ESAs invested in American Funds with Capital Bank and Trust Company (CB&T) as custodian. The guidelines and procedures provided in the Account Resource Center do not apply to plans held in our retirement plan solutions — PlanPremier, PlanPremier-TPA or RecordkeeperDirect. Information on the Account Resource Center may change periodically, and previously printed information may not be current. Please refer to capitalgroup.com for the most current information available.
Financial professionals should always contact their back office to determine if there are any restrictions on the use of American Funds products, tools, services, websites and literature.