<P> A SIMPLE IRA is a type of Individual Retirement Account (IRA) that is provided by an employer . It is similar to a 401 (k) but offers simpler and less costly administration rules . Like a 401 (k) plan, the SIMPLE IRA is funded by a pre-tax salary reduction . However, contribution limits for SIMPLE plans are lower than for most other types of employer - provided retirement plans . </P> <P> A Simplified Employee Pension Individual Retirement Account, or SEP IRA, is a variation of the Individual Retirement Account . SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees . There are no significant administration costs for self - employed person with no employees . If the self - employed person does have employees, all employees must receive the same benefits under a SEP plan . Because SEP accounts are treated as IRAs, funds can be invested the same way as is the case for any other IRA . </P> <P> Keogh plans are full - fledged pension plans for the self - employed . Named for U.S. Representative Eugene James Keogh of New York, they are sometimes called HR10 plans . </P> <P> Plans that do not meet the guidelines required to receive favorable tax treatment are considered nonqualified and are exempt from the restrictions placed on qualified plans . They are typically used to provide additional benefits to key or highly paid employees, such as executives and officers . Examples include SERP (Supplemental Executive Retirement Plans) and 457 (f) plans . </P>

Who were keogh plans designed to provide pension benefits for