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Retirement Planning

Simplified Employee Pension Plan (SEP)

If you are an employer or are self-employed and are looking to establish a business retirement plan that uses Individual Retirement Accounts (IRAs) as the investment vehicle for both you and your employees, a SEP may be the answer.

  • Contributions can be made up to 25% of each employee's compensation up to $58,000* for 2021.
  • Interest earned is tax deferred and contributions are tax deductible**

*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 call 800-657-3272.