A retirement plan specifically designed for self-employed people and small business owners.
|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:|
- 25% of compensation, or
- $52,000 in 2014 and $53,000 for 2015 (subject to annual cost-of-living adjustments for later years)1.
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 $52,000 in 2014 and $53,000 for 2015 (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.
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For more information, call us at (805) 963-7511, or just stop by one of our convenient branch locations.
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