Attract a high caliber of employees for your business by offering added benefits in the form of retirement accounts. If you own your own business, you may also be interested in providing retirement benefits for yourself. We offer both SEP and SIMPLE IRAs to accommodate businesses of all sizes — even those who are self-employed — to help you and your team prepare for the years to come.
SEP IRAs
- 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
- Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
- Fixed rate IRAs
- Terms range from 6 months to 5 years
- $1,000 minimum deposit to open
- Variable rate IRAs
- Terms of 36 months
- $250 minimum deposit to open
SIMPLE IRAs
- Available to any small business – generally with 100 or fewer employees
- Gain the respect of your employees
- Employees have the option to make self-contributions
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SIMPLE IRA money
- Earns a competitive interest rate
- Employer must not have any other retirement plan
- Minimal paperwork necessary; no filing requirements
- Inexpensive to set up and operate
- Lower contribution limits than some other retirement options
- Employees share responsibility of growing their retirement
- Each year, employer is required to contribute:
- Matching contribution up to 3% of compensation, or
- 2% non-elective contribution for each eligible employee
- Fixed rate IRAs
- Terms range from 6 months to 5 years
- $1,000 minimum deposit to open
- Variable rate IRAs
- Terms of 36 months
- $250 minimum deposit to open
