Simplified Employee Pension (SEP) Plans generate employee loyalty and build security for the self-employed. A SEP Plan allows you to provide retirement benefits without the expense of having an outside plan administrator.
Setting up a Point Breeze Credit Union SEP Plan is quick and easy. Then, it’s as simple as making contributions to the Traditional Individual Retirement Accounts (IRAs) of each eligible employee. Once your contribution has been made, you have no further responsibility for managing the funds. Each employee directs the investment within his or her own Traditional IRA.
- No setup fee for the employer or employee
- SEP Plan contributions are tax-deductible for the employer, and contributions made for employees are a business expense that reduces net profits
- Unlike most retirement plans, SEP Plans do not require you to file any additional reports with the government
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