Simplified Employee Pension (SEP) IRAs
Your business is helping to positively impact the economic future of our community. If you want to help positively impact your employees’ futures as well, one way is to introduce a Simplified Employee Pension (SEP) IRA.
A SEP IRA follows the same investment, distribution and rollover rules as a Traditional Ira. It is established by an employer for themselves and their employees, and can be a significant source of retirement income. Contributions made are based on the first $280,000.00 of compensation for tax year 2019 and $285,000.00 of compensation for tax year 2020. Contributions limited to the lesser of $56,000.00 or 25% of compensation for tax year 2019 and limited to the lesser of $57,000.00 or 25% of compensation for tax year 2020.
Please consult a tax adviser to determine how Federal, State and Local tax laws affect your deductibility.
VP – Commercial Lending
OFFICE: (978) 323-3242
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AT – Business Services Advisor
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