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.

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Definitions:

Individual Employee

Refers to a single worker or staff member within an organization, distinguishing them from groups or teams.

Distributional Errors

Mistakes in the allocation or distribution of resources or data that can lead to skewed results or inefficiencies.

Performance Appraisals

A systematic evaluation of an employee's job performance and productivity in relation to established criteria and organizational objectives.

Contrast Errors

A type of evaluation error that occurs when an employee's assessment is based on a comparison with another employee rather than on individual performance standards.