Personal Banking Products
Contact Our
Personal Banking Specialists
Glen Lake:
(952) 935-8663
Country Village:
(952) 935-5995
Contact Our
Personal Banking Specialists
Glen Lake:
(952) 935-8663
Country Village:
(952) 935-5995
Simplified Employee Pension (SEP)
The SEP is an IRA that is tax deferred and available for funding by a small business owner in order to provide retirement benefits for both the business owner and his employees. It is a plan that is easy to establish and maintain. Annual contribution limits for tax year 2012 and 2013 are listed below:
Tax Year SEP Plan Employer Contributions 2012 The lesser of 25% of the first $250,000 of each eligible employee's compensation or $50,000 2013 The lesser of 25% if the first $225,000 of each eligible employee's compensation or $51,000 Contribution Deadline Employer's income tax return filing due date, plus extensions
As a business owner, you should consult with your tax or legal professional to review the IRS eligibility requirements for this plan.
The IRS publication 560, Retirement Plans for Small Business, found on the IRS web site can provide detailed information about SEP's.
See how much you could save!
Click on the link below to view our current interest rates. Sample our online calculator to determine how much you need to save to reach a certain goal, or if you put a set amount into savings on a consistent basis, to see to what amount that money could grow over time.
The sooner you begin saving for retirement, the more time your money has the potential to grow. It pays to start saving now and to contribute regularly.
