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Simplified Employee Pension Plan
Any employer – including a sole proprietorship, partnership or corporation – can establish a Simplified Employee Pension Plan (SEP) for its employees*. As the name implies, a major advantage of a SEP is that it is easy and inexpensive to establish and administer. New rules have increased the maximum contribution limits for SEP IRAs. Within these guidelines, the percentage amount of your SEP contribution may be changed from year to year.
This plan provides each participating employee with a fully vested, tax-deferred retirement account. For the employer, all SEP contributions are tax deductible. Contact United Bank for complete information and investment options.
* Employee eligibility is determined by the employer, based on IRS guidelines.
