We have the Right IRA Account for You
SEP plans may be established by many kinds of small business entities:
- self-proprietors, partnerships,
- S or C corporations,
- non-profit or tax-exempt organizations.
EMPLOYERS BENEFITS:
- easily established by adopting IRS Form 5305-SEP
- high and flexible annual contributions
- potential tax deduction on contributions*,
- lack of responsibility for the funds once they are deposited into employee’s accounts,
- no special reporting requirements.
- potential tax credit for plan establishment costs.
EMPLOYEE BENEFITS:
- employee has ownership of funds deposited
- employee has full control over the funds
- employee can receive contributions even after reaching required minimum distribution age
- Once the money is in the employee’s SEP IRA, it is governed by the Traditional IRA distribution rules.
Restrictions & Limits:
- Employees cannot contribute to SEP IRA; only the employer can.
- The SEP IRA contribution limit is the lesser of 25% of compensation or $66,000 in 2023 and $69,000 in 2024.
* Before deciding to contribute and open SEP IRA account, consult your tax advisor.
Rates
Please follow the link below to see our current IRA rates.
How to Open
To open an IRA account, please visit one of our branch locations, or contact our Member Services Center at 1.855.PSFCU.4U.
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