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
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