First Minnetonka City Bank

Report Debit Card Fraud 24 Hours a Day: (800) 472-3272

Contact Us (952) 935-8663

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Employee Benefits | Show your employees appreciation

Showing your employees you appreciate them is important, but sometimes it's hard to know what the best way to do this is. First Minnetonka City Bank can help you provide your employees with Health Savings Accounts (HSA) for employers and Simplified Employee Pension (SEP) retirement plans. These benefits are easy for you to set up and will let your staff know how much they mean to you.

Health Savings Accounts (HSA) for Employers

An HSA completes your health benefits package. An HSA on top of a high deductible health plan (HDHP) benefits you and your employees.

Learn more about Health Savings Accounts (HSA) for Employers >>

Simplified Employee Pension (SEP)

The SEP is a retirement plan established and funded by an employer to provide retirement benefits for the employer and employees.  It is a plan that is simple to establish and operate. Any employer, whether a corporation, partnership or self-employed individual may establish a SEP, even if there are no other employees.

Each year, the employer may contribute a certain percentage of each employee’s eligible compensation directly to the employee’s IRA.  The dollars contributed can qualify as a tax deduction within the limits listed below:

Tax Year SEP Plan Employer Contributions
2020 The lesser of 25% of the first $285,000 of each eligible employee's compensation or $57,000
2021 The lesser of 25% of the first $290,000 of each eligible employee's compensation or $58,000
2022 The lesser of 25% of the first $305,000 of each eligible employee's compensation or $61,000
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 SEPs.

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.

Check our great rates for current rates and additional terms and conditions. Interest rates are subject to change.

 

Learn More | Contact Our Business Banking Specialists

Glen Lake: (952) 935-8663

14550 Excelsior Blvd.
Minnetonka, MN 55345
Hours & Directions

Country Village: (952) 935-5995

11500 Highway 7
Minnetonka, MN 55305
Hours & Directions

 

Report unauthorized activity

To report unauthorized activity or a lost or stolen Visa Debit Card, call (952) 935-5995 or (952) 935-8663 during our business hours. After hours, call (800) 472-3272.

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The Fair Housing Act prohibits discrimination in housing because of:
Mission

Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.