Contributions to a retirement plan can only be made from compensation, which, in the case of a selfemployed individual, is earned income. The Employer adopts this 457.Governmental Plan and Trust. • Within three years of retirement, ASRS members can register to attend the Route 3: Destination in Sight group meeting or online. Sole proprietors, partnerships, and corporations, including S corporations, can set up SEPs. 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. Start contributing to your retirement plan early in your career. Learn how even small increases can have a big impact on your potential savings. A Simplified Employee Pension Plan (SEP IRA) is a traditional IRA for self-employed individuals and small-business owners.