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Business Retirement Savings

When you want to provide for the owners, officers and employees of your company.

Why you should consider a retirement plan for your business:

  • The employer is allowed a tax deduction for contributions
  • All contributions are immediately 100% vested
  • The owner directs the investments
  • Self-employed individuals may use these to realize higher tax-deductible contributions than a traditional IRA

SEP IRAs – Simplified Employee Pensions

  • The employer makes tax-deductible contributions to each eligible employee’s SEP IRA on a discretionary basis
  • The maximum contribution cannot exceed 25% of the employee’s compensation, or $40,000, whichever is smaller
  • Employees do not pay taxes on SEP contributions, but withdrawals are taxed when the employee receives a distribution from the SEP IRA.
  • Each employee must establish a Traditional IRA to which the employer will make contributions; SEP IRAs are available for terms of 1 to 3 years, with fixed and variable rate options

SIMPLE IRAs – Savings Incentive Match Plan for Employees

  • Eligible employees may set aside part of their pre-tax compensation as a contribution to the plan
  • Employers are required to match employee contributions up to a certain dollar amount or a percentage of compensation
  • Employers are allowed a tax deduction for contributions they make to the SIMPLE IRA plan.
  • The employee's contributions are not taxed, but distributions from the SIMPLE IRA are.