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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Pension (SEP) plan, employer contributions are tax deductible and employees don’t pay taxes on funds until they’re withdrawn.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