No. Contributions to a retirement plan can only be made from compensation, which, in the case of a selfemployed individual, is earned income. In this article, we will explore several S Corp retirement plan options that offer significant tax savings.Forms can be found in the 2025 Retiree Open Enrollment Packet or on the Retiree Benefits Page. Open a SEPIRA through a bank or other financial institution. Click below to open the menu of forms available to new, active, and retired employees. In this post, we identify the best 5 retirement plans for SCorporations. We will also show you why a SEP might not be the best plan. Intro to retirement plans. Sole proprietors, partnerships, and corporations, including S corporations, can set up SEPs. Therefore, a resident or nonresident alien is subject to the same Virginia residency provisions as all other filers.