Simplified Employee Pension Plan | Machias Savings Bank

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Simplified Employee Pension Plan (SEP)

Simplified Employee Pension Plan

A Simplified Employee Pension Plan, or SEP, is an employer-sponsored retirement plan that acts just like a Traditional IRA. It's perfect for small business owners, as it is a simplified way to make tax-deductible contributions toward their employees' pension plans.

Details

  • A SEP plan benefits both the employer sponsoring the plan and the employees who share in the plan's contributions. 
  • No Fee
  • Interest Bearing
  • FDIC Insured (within guidelines)
  • Contributions may be tax deductible*
  • Maximum contribution is 25% of income or $52,000, whichever is less.

Employer Benefits

  • SEP plans are easy to administer retirement plans
  • Discretionary annual contributions that are tax deductible
  • A possible tax credit for startup cost associated with establishing a new SEP plan
  • Potentially more satisfied employees because of an increase in their retirement plan savings 

Employee Benefits 

  • No current taxable income as a result of an employer's contribution
  • Deferral of income tax on earnings in the IRA's
  • Control of the retirement assets
  • An increase in retirement savings  

Rates Disclosure

*Consult your tax advisor for more information.

Location: Machias edit my branch location button

4 Center Street
PO Box 318
Machias, ME 04654

(207) 255-3347
Fax: (207) 255-9439

Lobby
Mon - Thurs 7:30 am - 5:00 pm
Fri 7:30 am - 6:00 pm

 

Jonathan Alley
Manager | NMLS#1165844

 

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Routing Number: 211274531
NMLS Number: 469539

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