SimpIified Employee Pension (SEP) IRAs
Help your employees secure their futures
Early Closure Notice
All Jeanne D’Arc branches and offices will be closing at 1PM on Tuesday, August 26th, for our annual Employee Summer Outing. We apologize for any inconvenience this may cause.
All Jeanne D’Arc branches and offices will be closing at 1PM on Tuesday, August 26th, for our annual Employee Summer Outing. We apologize for any inconvenience this may cause.
A SEP IRA, established by an employer for themselves and their employees, can be a significant source of retirement income. It follows the same investment, distribution and rollover rules as a Traditional IRA, but offers a few distinct advantages:
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Easy to Maintain
Particularly compared to 401k plans, SEP IRAs are straightforward to set up and maintain, without ongoing hassles or headaches.
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Generous Contribution Limits
Contributions made are based on $290,000.00 of compensation for tax year 2021. Contributions are limited to the lesser of $58,000.00 or 25% of compensation for tax year 2021.
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Flexibility
SEP IRAs allow business owners to adjust contributions and employee requirements as needed. Please consult a tax adviser to determine how Federal, State and Local tax laws affect your deductibility.
How Do I Open A SEP IRA?
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New business members:
Print and complete the following documentation:
- Business Membership Application & Agreement
- Business Corporate Resolution
- Based on your form of ownership, additional documentation may be required
Contact our Retirement Plans Manager, Frank Sitnik, to schedule a meeting.
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Existing members:
To add a SEP IRA plan, contact our Retirement Plans Manager, Frank Sitnik.
No, the employer must contribute a uniform percentage of pay for each eligible employee, including themselves (i.e., if the employer wants to contribute 15% of his pay, he must contribute 15% of all eligible employees pay).
There are three kinds of SEPs available to business members, which can be in the form of:
- a Retirement Statement Savings account (with a variable rate of interest)
- an IRA Money Market account (with a variable rate of interest)
- an IRA CD (terms varying from 6 months to 42 months)
Get started
Contact our Retirement Plans Manager, Frank Sitnik. Call 978-323-4922 or contact via email.