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Retirement Plan Services
Running a business successfully means ensuring day-to-day operations run smoothly. But time doesn’t stop just because you’re caught up in the details. Protect your future aspirations and those of your employees by planning for retirement. To learn more about the products and services listed below, contact your local branch.
Business Retirement Accounts
Retirement plans are a low-cost way to attract and keep valuable employees. They allow both you and your eligible employees to plan for a more secure future while enjoying tax benefits today.
Simplified Employee Pension IRA (SEP)
A SEP IRA is frequently used by small businesses or self-employed individuals. Contribution limits are established by the IRS each year. Funds are contributed by the employer for each eligible employee. Employers are not locked into making contributions each year.
SIMPLE IRA
A SIMPLE IRA plan is for employers who have 100 or fewer employees. Contributions are made by employee salary deferrals and employer matching funds. Contribution limits are established by the IRS and include catch up amounts for employees who are at least 50 years old. Employers can match employee contributions up to 3.00% of wages for employees who defer or make a fixed 2.00% contribution for each eligible employee. SIMPLE IRA plans offer many of the benefits of traditional 401(k) plans, but have fewer administrative requirements and costs.
