Business

SEP Retirement Accounts

Simplified Employee Pension accounts

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.
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Title20222023
Contribution Limits

Or 25% of compensation, which is less		$61,000$66,000

SEP Retirement
Account Details:

  • Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit is $500.
  • Statement: Each account holder is provided with an annual statement.
  • 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
  • Interest is paid at the sub-account level

Benefits of a SEP Account:

  • Record consolidation
  • Reduced administrative burden
  • Convenient disbursement procedure
  • Established audit trail
  • Funds security

 

Employees can also make their own contributions to a Traditional IRA account even if they are involved in a SEP account.

Learn More About Retirement Planning For Small Businesses

With twelve locations in Bucks County, The First offers convenience and personalized, local service to help your business thrive. To open SEP retirement accounts for your small business or sole proprietorship, call The us today at 215-860-9100 for more information or visit your nearest branch in Newtown Borough, Newtown Township, Doylestown, Warminster, Richboro, Jamison, Langhorne, Levittown, Fairless Hills, Solebury, Washington Crossing, or Wrightstown to get started!

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