These plans are easy to begin and do not require complicated government reporting. Profit Sharing and Money Purchase plans provide the added option to include a vesting schedule. This type of plan is for businesses with 100or fewer employees and employers that are seeking plan simplicity and cost-effectiveness. A SEP is a Simplified Employee Pension Plan designed for employers that wish to establish and contribute to a retirement plan for their employees while keeping administrative responsibility to a minimum. Employers make contributions directly to the IRA's of eligible employees.
Contributions are flexible and determined by the employer each year.
A plan administrator of the trust oversees the operations of the plan for each participant. Contribution levels vary from year to year and are usually based on profits of the business. Regardless of the plan selected, tax-deferred growth of your money helps you and your employees build a retirement nest egg. Stop in or contact one of our personal bankers to obtain more information. For new plans, we will work with you to select the plan and investment strategy that best meets your needs.