A SEP (Simplified Employee Pension) is a written plan that allows small business owners to make contributions toward their own retirement and the retirement of their employees. The plan is set up on IRS Form 5305 - SEP so there is no cost or delay in incorporating the plan. Accounts are held and managed by our Trust Department. Business owners may contribute up to $50,000 a year or 25% of their earned income.
There are different restrictions and IRS regulations so be sure to discuss these in detail with our Trust Department.
(Trust Products are not FDIC Insured)