Boost employee morale in a big way and attract potential candidates to your company by offering SEP or SIMPLE IRAs. These investment plans add to your overall employee benefits package and give you a chance to show your employees how much you care. Choose the plan that works best for your business. And if you're self-employed, you can still take advantage of these IRAs.
Explore our business IRA options below!
With a Simplified Employee Pension (SEP) plan, employer contributions are tax deductible and employees don’t pay taxes on funds until they’re withdrawn.
Features & Benefits:
- Ideal for businesses of any size or self-employed individuals
- Gain the respect of your employees
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SEP IRA money
- Earn competitive interest on entire balance
- Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
- Little to no documents to file with government
- Inexpensive to set up and operate
- Flexible annual contributions – good plan if cash flow is unpredictable
- Can contribute up to 25% of each participant's annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less*
- Must contribute equally for all employees
- Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
- $500 minimum deposit to open
A Savings Incentive Match Plan for Employees (SIMPLE) allows both the employer and the employee to fund the account. It’s ideal for smaller companies and self-employed individuals.
Features & Benefits:
- Available to any small business – generally with 100 or fewer employees
- Increase employee morale
- Employees have the option to make self-contributions
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SIMPLE IRA money
- Earns a competitive interest rate
- Employer must not have any other retirement plan
- Minimal paperwork necessary; no filing requirements
- Inexpensive to set up and operate
- Lower contribution limits than some other retirement options
- Employees share responsibility of growing their retirement
- Each year, employer is required to contribute:
- Matching contribution up to 3% of compensation, or
- 2% non-elective contribution for each eligible employee
- $500 minimum deposit to open