Which of the following statements concerning SEP and Keogh plans is not correct?

  1. A SEP must meet fewer reporting requirements than are imposed on a Keogh plan.
  2. A SEP is not considered by the IRS to be a qualified plan as is a Keogh plan.
  3. A SEP is similar to a defined contribution plan; a Keogh may be either a defined benefit plan or a defined contribution plan.
  4. A SEP must meet the same vesting requirements as a Keogh plan.