Simplified Employee Pension (SEP) Plans
Simplified Employee Pensions provide a basic retirement option with minimal bookkeeping. SEP contributions can vary each year at the employer’s discretion and are fully deductible.
We offer Simplified Employee Pensions to help you meet your employee's retirement goals for today and tomorrow. Each plan may have one or more Savings and/or Certificate of Deposit accounts.
- Retirement Savings are a simple way to save for retirement.
- Retirement Certificates of Deposit help lock in earnings to meet your retirement goals.
Fees
- There is no Opening Fee.
- Annual Administration: $15.00 for each retirement plan.
- Partial Distribution or Transfer: $7.50 per occurrence (does not apply to mandatory or normal distributions).
- Periodic Distribution Setup: $15.00 for each retirement plan (does not apply to mandatory or normal distributions).
- Lump Sum Distribution: $20.00 for each retirement plan, at plan termination.
- Consult the Business Fee Schedule for other current service fees.
- Consult the Simplified Employee Pension (SEP) Plans fact sheet for additional retirement plan information.
Important Simplified Employee Pension (SEP) Plan Information
- Consult your tax advisor or IRS Publication 560 to determine what type of plan is right for you. Publication 560 is available by calling the IRS at 800-829-3676 or online at www.irs.gov.
- Consult the Business Deposit Account Agreement and Disclosures for account terms and conditions.
