Simplified Employee Pension Plans (SEP)
- Employer contributes to an Individual Retirement Account for each employee.
- Employee is vested immediately and pays no taxes on the employer's contributions.
- Contributions and earnings are tax-deferred until withdrawn.
- Defined contribution plan for employers with 100 or fewer employees.
- Employer matches 100% of employee deferrals up to 3% of compensation.
- Instead of the matching contribution, the employer may choose to make nonelective contributions of 2% of the employees compensation.
- Contributions are immediately 100% vested.
- May be structured as Individual Retirement Accounts (IRAs).
To learn more, call Eastwood Investment Services at 507-424-4647 for an appointment.
Before making any decisions in regards to choosing a retirement account or plan, please consult with your financial advisor. Consider your personal financial situation, time horizon, and investment objective before purchasing a retirement plan.
Unless certain criteria are met, restrictions, IRS penalties and income taxes may apply on withdrawals taken from retirement accounts prior to age 59 ½.
Securities offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.