IRAs & SEPBecause 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. |
Individual Retirement Accounts
| Product |
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 |
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:
| Term |
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. |
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