SUBSTANTIALLY EQUAL PERIODIC PAYMENT - SEPP
Plan allowing individuals, who have contributed to an IRA or another eligible retirement plan, to take their funds out before reaching the age of 59.5, and exempting them from income tax and early withdrawal penalties. Normally, an individual who prematurely withdraws assets from a plan has to pay taxes on any income generated by the fund plus a 10% penalty. Through this plan, the funds are placed into an SEPP plan which pays the person annual distributions for five years or upon reaching the age of 59.5.
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