Simplified Employee Pension Plan (SEP)

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A smart option for the self-employed

Summary

Simplified Employee Pension (SEP) Plans help small business owners and self-employed individuals save for retirement with tax advantages.* SEPs are also easy to set up and operate and enjoy higher annual contribution limits.

  • $250 minimum opening deposit required
  • Earn competitive interest
  • Contributions are tax deductible*
    • Contributions made only by the employer
    • Only self-employed may make contributions on their own behalf
  • Flexible annual contributions — good plan if cash flow is unpredictable
  • Penalty for early withdrawal
  • FDIC insured

*Consult your tax advisor regarding your individual circumstances.