IRAs & SEP

Because life leaves you little time to research retirement-plan options, our specialists will help you put in place the best solution for you and your employees.

Options

 

Individual Retirement Accounts

 

Traditional IRA

Roth IRA

FDIC-insured

Up to $250,000

Up to $250,000

Eligible Age

Before the year in which you turn 70½

None

Income Limits

None

Single - $116,000-$131,000; Married filing jointly - $183,000-$193,000; Married, filing individually - $0-$10,000

Annual Contributions

Not Required

Not Required

Maximum Annual Contributions

$5,500; $6,500 for those older than 50

$5,500; $6,500 for those older than 50

Spousal Contributions

Accepted

Accepted

Contribution Due Date

April 15 of the next calendar year

April 15 of the next calendar year

Tax Consequences

Tax deferred earning. Contributions may be tax deductible.

Tax free earnings at retirement. Contributions are made with post-tax dollars. Tax-free distributions.

Distributions

Must begin by April 1 of the year after participant reaches age 70½

No mandatory disbursements

Interest Rate Upgrade

If older than 59 1/2

If older than 59 1/2

Annual Maintenance Fee

$15 per IRA participant

$15 per IRA participant

Check Rates

Simplified Employee Pension Plan

This plan benefits employers and employees. Under a SEP, employers make contributions to a traditional IRA set up for employees including self-employed individuals. They are subject to certain limits.

  • Simple set-up with minimal administrative requirements
  • Tax benefits for employers and employees
  • Helps attract and retain valuable employees

Whatever retirement plan fits your needs - Traditional IRA, Roth IRA, rollover, or SEP - you have the choice of investing in any of the following Certificates of Deposits:

 

18 Month

2½ Years

5 Years

Opening Balance

$100

$100

$100

Fixed Rate

Yes

Yes

Yes

Additional Deposits

Yes

No

No

Withdrawals

Penalty-free after age 59½

Penalty-free after age 59½

Penalty-free after age 59½

FDIC-insured

Up to $250,000

Up to $250,000

Up to $250,000

Interest Rate Upgrade

No

If over age 59½, you can upgrade the interest rate every 18 months on 2½ or 5 year IRAs. Contributions are also accepted at that time.

If over age 59½, you can upgrade the interest rate every 18 months on 2½ or 5 year IRAs. Contributions are also accepted at that time.

Check Rates


Have additional questions?

We are here to help with:

  • SEP Employer Plans
  • IRA Documentation and Maintenance Requirements
  • IRA Eligibility and Contribution Requirements
  • Retirement Plan Portability
  • IRA Distribution Requirements
  • IRA Fees

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