Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a tax-deferred retirement savings plan which allows only the employer to contribute. It's often used by small businesses as an alternative to a 401(k) due its relatively low operating cost. Learn more about contribution limits from the IRS.
Note: SEP IRA plans are not managed by Gusto. You can add the benefit to your Gusto account for payroll purposes and any deductions will be left in your company bank account to be moved externally.