Business Retirement Accounts

Whether you have employees or it’s just you — everyone needs a retirement plan. Help secure your future and theirs with an IRA.

Key Features

  • Competitive Interest
  • Easy to Administer
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SEP IRAs

  • Earn competitive interest on entire balance
  • $100 minimum deposit to open
  • No monthly or annual maintenance charges
  • Ideal for businesses of any size including owner-only businesses
  • Flexible annual contributions – good plan if cash flow is unpredictable
  • Gain the respect of your employees
    • Help employees reach their retirement savings goals
    • Employee always has complete ownership of all SEP IRA money
  • 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 the IRS
  • 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 same percentage of compensation for qualified employees
  • Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions

SIMPLE IRAs

  • Earn competitive interest on entire balance
  • $100 minimum deposit to open
  • No monthly or annual maintenance charges
  • Available to any small business — generally with 100 or fewer employees or that are owner-only businesses
  • Gain the respect of your employees
    • Employees have the option to make self-contributions
    • Help employees reach their retirement savings goals
    • Employee always has complete ownership of all SIMPLE IRA money
  • Employer must not have any other retirement plan
  • Minimal paperwork necessary; no filing requirements
  • Lower contribution limits than some other retirement options
  • Employees share responsibility of growing their retirement
  • Each year, employer is required to contribute:
    • Matching contribution up to 3% of compensation, or
    • 2% nonelective contribution for each eligible employee*
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*Under the "nonelective" contribution formula, even if an eligible employee doesn't contribute to his or her SIMPLE IRA, that employee must still receive an employer contribution to his or her SIMPLE IRA equal to 2% of his or her compensation.

Here, the Golden Rule still applies.