SEP & SIMPLE IRAs

SEP (Simplified Employee Pension) IRA

• Type of traditional IRA for self-employed individuals or small business owners
• Easy and inexpensive startup
• Tax-deductible contributions are made by the business for all eligible employees
• Higher contribution limits: 25% of income up to a cap that increases with inflation

SIMPLE (Savings Incentive Match Plan for Employees) IRA

• A salary deferral plan for your employees
• Small businesses with fewer than 100 employees are eligible
• Easier to set up and administer than many other workplace retirement plans
• Employees can make pre-tax contributions that grow tax deferred until retirement
• Employers either match employee contributions (up to 3%) or make a 2% non-elective contribution
• Employer contributions are tax deductible

Health Savings Accounts

Save for qualified medical expenses through your compatible health plan.