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