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SIMPLE and SEP IRAs

Open a SIMPLE or SEP Ira at First Federal.

 

 

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

 

 

 

 

 

SIMPLE Plans

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 requirements

 

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.

 

SEP Plans
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. 

 

Click here to view the IRS - Retirement Plans for Small Business (SEP and SIMPLE)

Click here to view the IRS - Retirement Plans FAQs Regarding SIMPLE IRA Plans

Click here to view the IRA Online Resource Guide - Information About Traditional IRAs

Click here to view the IRS - Check-Up for Your SIMPLE IRA or SEP Plan