SEP Retirement 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.

2014 2015
Contribution Limits $52,000 $53,000

SEP contributions can be made up until your tax filing deadline plus extensions.


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

The First Accounts:

  • 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


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

For more information, just call or visit any of our 12 branches in Bucks County.
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