Simplified Employee Pension (SEP)
Set up a pension plan for your employees—even if your only employee is you! This low maintenance, interest bearing retirement option is easy to set up, easy to run, and doesn't cost a thing.
A Simplified Employee Pension Plan is a pension plan established through the bank by a business to help provide a secure retirement for its employees. Employer contributions are tax deductible and don't count as employee income until withdraw, so everyone wins!
- Help employees save for retirement
- Ideal for self-employed individuals
- Interest bearing account
- Term deposit investment options available
- No setup or service charges
- First Bank maintains all records required by the IRS
- Free Online Banking access
- Convenient automatic renewal
- Higher contribution limits than standard IRAs
- Employer contributions are tax deductible
- Employee funds are tax deferred