Is Sep Ira A Qualified Retirement Plan? 
A SEP IRA is a qualified defined contribution retirement plan under ERISA -LRB- The Employee Retirement Income Security Act of 1974 . -RRB- SEP IRAs are easy to administrate . Theyre particularly well suited for sole proprietorship or self-employed . The contributions are tax deductible . The plan account accumulates tax deferred . The distributions are taxable as ordinary income . 