SEPP

(redirected from Substantially equal periodic payments)
Also found in: Financial, Acronyms, Wikipedia.

SEPP

SEPP

(Single Edge Processor Package) A CPU module from Intel that held Celeron chips and their L2 cache chips. The SEPP, which plugged into Slot 1 on the motherboard, was the bare printed circuit board. For the Pentium II and Pentium III chips, the board was encased in a metal housing and became the single edge contact cartridge (SECC). See Slot 1 and SECC.


Single Edge Processor Package
In the late 1990s, the SEPP was a small, 242-pin printed circuit board that held the Celeron CPU and L2 cache chips. This was when the Pentium II and Pentium III chips were the high-priced models. (Image courtesy of Gennadiy Shvets, www.cpu-world.com)
References in periodicals archive ?
In addition, you can avoid the penalty by taking substantially equal periodic payments for your life (or life expectancy) or the joint lives (or joint life expectancies) of yourself and a designated beneficiary.
In addition, the annuity contract must provide for substantially equal periodic payments, payable at least annually during the annuity period.
Note: IRC Section 72(u)(4)(C) states that "immediate annuity" means an annuity "which provides for a series of substantially equal periodic payments during the annuity period.
Fortunately, there is an exception to the 10% additional tax on early distributions--the series of substantially equal periodic payments (SEPPs)-- that can be useful for these taxpayers.
death, disability, distributions taken as part of substantially equal periodic payments beginning after separation from service, or distributions used for medical expenses exceeding 7.
The IRS argued in Tax Court that a taxpayer who elects a series of substantially equal periodic payments is not allowed any further distributions within the first five years of the election irrespective of whether the distribution would qualify for another statutory exception to the section 72(t) tax, unless the employee dies or becomes disabled.
The IRS permits an individual under age 59r to make distributions from their IRAs and avoid the 10% early withdrawal penalty if the distributions are due to one of the IRS exceptions--one of which is a series of substantially equal periodic payments.
An important exception (discussed in detail below) is for payments that are part of a series of substantially equal periodic payments (SEPPs).
One of these exceptions applies if a taxpayer takes distributions that are part of a series of substantially equal periodic payments (made at least once a year) over the taxpayer's life expectancy or the joint life expectancies of the taxpayer and his or her beneficiary [Sec.
USC Title 4, section 114(b)(1), defines the term "retirement income" as any income from, among other things, any plan, program, or arrangement described in IRC section 3121(v)(2)(c), if such income is either part of a series of substantially equal periodic payments or a payment received after termination of employment under a plan, program, or arrangement (to which such employment relates) maintained solely for the purpose of providing retirement benefits for employees in excess of the limitations imposed on qualified plans.
However, the following are exceptions to the penalty: death or disability; withdrawals made as a series of substantially equal periodic payments (commonly referred to as 72(t) distributions); withdrawals used to pay unreimbursed medical expenses exceeding 7.
5 or if a distribution is taken as a result of your death, disability, or for a "life event," such as first-time home purchase; qualified higher education expenses; deductible medical expenses; payment of health insurance premiums during periods of long-term unemployment; and substantially equal periodic payments based on life expectancies.