Simplified Employee Pension Plan (SEP)

• Ideal for businesses of any size or self-employed individuals
• Employee always has complete ownership of all SEP IRA money
• Competitive interest on entire balance
• Contributions are tax deductible; your business pays no taxes on earnings¹
  • 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 less¹
  • Must contribute equally for all employees
• Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
• $250 minimum deposit to open

Learn More

Visit your local branch to meet with a business banker.