To offer small Banks and Credit Unions a stand alone investment management platform that will service and monetize current customers in a manner that many of these institutions currently are not.
SEP Simplified Employee Pension
Contribute as much as 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 for 2022
Available to any size business
Easy to set up and operate
No filing requirement for the employer - low administrative costs
Flexible annual contributions – good plan if cash flow is an issue
Employer must contribute equally for all eligible employees
Employee is always 100% vested
Only the employer contributes to these SEP-IRAs that are set up for each eligible employee
An eligible employee is an individual (including a self-employed individual) who meets all the following requirements:
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Has reached age 21
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Has worked for the employer in at least 3 of the last 5 years
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Received at least $650 in compensation for 2022 from the employer during the year
Contribution limits that an employer can make to an employee's SEP-IRA cannot exceed the lesser of:
1. 25% of the employee's compensation, or
2. $61,000 for 2022 - over 50 catch-up contributions are not permitted in SEP plans