Salary Reduction SEP

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What does Salary Reduction SEP mean? Read on to discover the definition & meaning of the term Salary Reduction SEP - to help you better understand the language used in insurance policies.

Salary Reduction SEP

Salary Reduction SEP

A qualified retirement plan limited to companies with 25 or fewer employees. It allows employees to defer part of their pretax income to the plan, lowering their taxable income.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

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