A SEP IRA, or Simplified Employee Pension Individual Retirement Account, is indeed considered a qualified retirement plan. It allows employers to make contributions to retirement savings accounts for themselves and their employees. The contributions are typically tax-deductible, and the investment earnings grow tax-deferred until withdrawal. SEP IRAs are established by employers, including self-employed individuals, and are a popular choice due to their flexibility and potential tax benefits. As a qualified retirement plan, SEP IRAs offer a valuable option for retirement savings and can provide significant benefits for both employers and employees.