Easy to Maintain
Particularly compared to 401k plans, SEP IRAs are straightforward to set up and maintain, without ongoing hassles or headaches.
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.
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.
New business 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)