Business Retirement Accounts
Add another reason for talented individuals to join your team. Set up a simplified employee pension (SEP) or SIMPLE IRA to provide a competitive retirement package.
With low administrative costs and the opportunity to contribute on their behalf, you can improve the lives of your employees — without sacrificing the profitability of your company. Our business banking representatives are happy to help you find the best plan for your business.
- Ideal for businesses of any size or self-employed individuals
- Gain the respect of your employees
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SEP IRA money
- Earn competitive interest on entire balance
- Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
- Little to no documents to file with government
- Inexpensive to set up and operate
- Flexible annual contributions – good plan if cash flow is unpredictable
- Can contribute up to 25% of each participant's annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less*
- Must contribute equally for all employees
- $100 minimum deposit to open
*Consult a tax advisor.