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SIMPLIFIED EMPLOYEE PENSION (SEP)
A Simplified Employee Pension – referred to as a SEP or SEP-IRA – is a generic retirement plan that allows you to contribute and deduct up to 20% of self-employment income (25% of salary if you are an employee of your own corporation). The contribution percentage can be varied each year, which makes this an excellent vehicle for the self-employed businessperson.
Begin today to protect your financial future by opening a SEP at
BEACH BUSINESS BANK.
Rate Information: SEPs are an interest bearing account. The
current interest rate and annual percentage yield can be found in
CURRENT INTEREST RATES or by calling
1-866-TO-BE-TRUE (862-3878). The interest rate on the account is
reviewed and set periodically by the bank based upon market
conditions and is subject to change from time to time. The interest
rate and annual percentage yield may change. Interest begins to
accrue from the date of first deposit. Interest will be credited to
the account quarterly. If the account is closed before interest is
credited you will not receive the accrued interest.
Limitations: A minimum deposit of $500 is required to open
this account. You may make additional deposits to this account. A
penalty may be imposed if funds are withdrawn prior to maturity and
you have not attained the age of 59 1/2. Additional tax penalties
may apply on the amount withdrawn prior to maturity – please consult
your tax professional for advice.
Fees: An annual maintenance fee of $25 per account. |
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