Simplified Employee Pension Retirement Plan

Simplified Employee Pension Retirement Plan

A Simplified Employee Pension Retirement Plan (SEP) is a powerful tool for those who are self-employed or running a small business with a few employees. In both cases, it provides the power of an IRA: saving for retirement with significant tax advantages.

Pioneer Bank makes it easy to establish an SEP. Doing so gives small businesses the ability to provide big-company benefits that are tax deductible and very easy to manage.

  • Retirement option for sole proprietors and partnerships
  • Gain the respect of your employees
  • No start-up or operating costs
  • Low administrative costs
  • Can contribute to SEP on your own behalf (perfect for self-employed)
  • Contribute to your own retirement as well as employees
  • Can contribute up to 25% of each employee's pay
  • Greater flexibility; you decide when and how much to contribute
  • Contributions are tax deductible; your business pays no taxes on earnings
  • Generally, no documents to file with government