Simplified Employee Pension Plan
A simple business retirement plan for owners and employees

One of the easiest business retirement plans to set up is a Simplified Employee Pension (SEP) Plan. There are no special IRS filings, no complicated reporting requirements and flexible funding deadlines.

SEP Plans allow employees to make tax-deferred contributions and enjoy tax-deferred earnings. For employers, tax-deductible contributions lessen federal taxes.

Often called "Super IRAs" because of their similarity to IRAs and higher contribution caps, SEP Plans can be established by sole proprietorships, partnerships or corporations.

The maximum amount that employees can contribute to a SEP Plan is 15% of earned income.

For more information, contact an Extraco Relationship Manager by e-mail, or call 866-EXTRACO toll-free.

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