As a small business owner, or a self-employed individual, you have enough to think about with your daily business operations. A Montecito Bank & Trust SEP-IRA could provide a little peace of mind for you and your employees long-term retirement goals.
| Terms | We offer a choice of IRA Certificate of Deposit terms from 1 month to 3 years. Open an IRA or rollover an existing IRA or 401(k). |
| Access to Funds | Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA CD. |
| Minimum to Open | $1,000 |
| Fees | A $25 annual fee will be assessed if the account balance falls below $10,000 at any time during the term of the account or during any 12-month period, whichever is shorter. A $25 fee may be assessed to transfer any account balance to a rollover account. |
| Contributions | Annual contributions an employer makes to an employee's SEP-IRA cannot exceed the lesser of:
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Terms |
| We offer a choice of IRA Certificate of Deposit terms from 1 month to 3 years. Open an IRA or rollover an existing IRA or 401(k). |
|
Access to Funds |
|
Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA CD. |
|
Minimum to Open |
|
$1,000 |
|
Fees |
| A $25 annual fee will be assessed if the account balance falls below $10,000 at any time during the term of the account or during any 12-month period, whichever is shorter. A $25 fee may be assessed to transfer any account balance to a rollover account. |
|
Contributions |
Annual contributions an employer makes to an employee's SEP-IRA cannot exceed the lesser of:
|
1 The limits in the preceding sentence apply in the aggregate to contributions an employer makes for its employees to all defined contribution plans, which includes SEPs. Only up to 25% of compensation, or $54,000 in 2017 and $53,000 for 2016 (subject to annual cost-of-living adjustments for later years) of an employee's compensation may be considered. Contributions must be made in cash. Property cannot be contributed.