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Simplified Employee Pensions
Simplified Employee Pensions (SEP accounts) are pension plans established by a business where the employer deposits contributions into an account for the employees of the company and are tax deductible by the employer. Any employer, including a sole proprietor with no employees, can establish a SEP account for their own benefit. The employer elects to pay all employees involved the same percent or the same dollar amount across the board.
SEP contributions can be made up until your tax filing deadline plus extensions.
IRA & SEP:
Employees can also contribute their own contributions into a Traditional IRA account even if they are involved in a SEP account.
The First Accounts:
Variable: Variable interest rate accounts are available where multiple deposits may be made throughout the year until the goal is met. Minimum deposit is $25.
Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit is $500.
Statements: Each account holder is provided with annual and periodic interest statements.
Fees: We do not charge any service charges or administrative fees.
Auto Transfer: We offer automatic transfers from the employer's deposit account at The First into the SEP account free of charge (weekly, bi-weekly, monthly, quarterly, semi-annually).
Unlimited number of sub-accounts
FDIC insurance up to $250,000 for each individual sub-account