Retirement Services
Simplified Employee Pension Plan (SEP) If you're an employer or are self-employed and are looking to establish a business retirement plan that uses IRAs as the investment vehicle for both you and your employees, a SEP may be the answer
Features:
- Contributions can be made up to 25% of each employee's compensation* up to $45,000
- Interest earned is tax deferred ad contributions are tax deductible**
- Annual statement
Fees:
- $15.00 annual maintenance fee
- $25.00 IRA outgoing transfer
- $25.00 premature withdrawal fee
- Penalty for withdrawal before age 59 1/2
*The maximum amount of compensation or earned income used in determining contributions for any employee is subject to compensation limits set by the IRS. This amount is adjusted in $10,500 increments when the cumulative annual adjustment for inflation produce at least a $10,500 increase.
**Please note that each customer's tax situation may be different. We suggest that you consult your attorney, accountant, financial or tax advisor.
To contact a retirement specialist, click here or call 800-657-3272.
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