Both the One-Participant 401(k) Plan and the Simplified Employee Pension

question 76

True/False

Both the one-participant 401(k) plan and the Simplified Employee Pension (SEP) plan are available to self-employed individuals for retirement savings.

---

Definitions:

Private Wrong

A legal injury or violation affecting an individual or a specific entity, as opposed to the public or society at large.

Tort Suit

A legal action enabling a person to seek damages against another for a wrongful act that caused harm or loss.

Criminal Actions

Legal proceedings brought by the state against individuals or entities accused of violating criminal laws.

Public Wrongs

Acts or omissions that violate public laws and are considered offenses against the state or society, typically referred to as crimes.