Simplified Employee Pension (SEP) Plans

A simplified employee pension from Consumers National Bank is a traditional Individual Retirement Account (IRA) that gives employees a nest egg while employers make tax-deductible contributions.

Quick Facts about SEP Plans:

• No minimum deposit to open
• Suitable for most small businesses, including sole proprietorships, non-profits,partnerships, or corporations
• A flexible program with adjustable contributions on behalf of team members, enabling employers to contribute generously during prosperous years and reduce if business slows
• Eligible employers pay no taxes on earnings and may qualify for a tax credit on start-up costs for the first 3 years of the plan
• Business owners (sole proprietors) can contribute to their accounts
• Minimal maintenance with little government documentation and low initial costs
• Competitive rates of return
• Employees have a range of investment choices and can transfer or roll funds from other accounts
• Employee tax on employer contributions deferred until distributions occur in retirement

Help your team with their long-term goals by starting a simplified employee pension plan today with Consumers National Bank. Our team is here to answer your questions and collaborate on a program that aligns with your business model.

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