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SIMPLE | SEP IRAs

SIMPLE and SEP IRAs from First Federal.



A SIMPLE IRA plan is a Savings Incentive Match Plan for employees. A SEP Plan allows employers to set aside money
in retirement accounts for themselves and their employees.


SIMPLE Plans

SIMPLE and SEP plans* provide a way for small businesses to offer their employees a retirement plan.

A SIMPLE plan can be set up by an employer who:
  • has 100 or fewer employees
  • who received at least $5,000 in compensation for the preceding calendar year
  • who meets certain other criteria
Under a SIMPLE plan, employees can choose to make salary reduction contributions rather than receiving these amounts as part of their regular contributions. The two types of SIMPLE plans are the SIMPLE IRA plan and the SIMPLE 401(k) plan.

*Consult your tax advisor for more information on deductibility, income and contribution limits.

 

 

 

 

 

 

 

 

SEP Plans

SIMPLE and SEP plans* provide a way for small businesses to offer their employees a retirement plan.

SEP Plans provide a simplified method for employers to make contributions to a retirement plan for their employees. Instead of setting up a profit-sharing or money purchase plan with
a trust, employers can adopt a SEP agreement and make contributions directly to a traditional individual retirement account or a traditional individual retirement annuity (SEP-IRA) set up for each eligible employee.

*Consult your tax advisor for more information on deductibility, income and contribution limits.

 

 

 

 

 

 

 

 

 

 

 

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