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SEP IRA
SEP IRA
Help provide for the future and improve the benefits package for you and your employees with this retirement plan. You can contribute a certain percentage each year of each eligible employee’s compensation directly to the employee IRA. Your employees will thank you!
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
- No minimum deposit to open