Business Banking

Retirement Plans

Eastwood Investment Service can assist with retirement plans for you and your employees.

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  • Contributions and earnings are tax-deferred until withdrawn.

SIMPLE Plans

  • 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).

401(k) Plans

  • Qualified plan established by employers funded by employee contributions taken from pre-tax salary.
  • Employers may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit sharing feature to the plan.
  • Funds in the plan grow deferred until withdrawn.

    • 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.

    Eastwood Bank and Eastwood Investment Services are not registered broker/dealers and are not affiliated with LPL Financial

    Not FDIC Insured • May Lose Value • No Bank Guarantee • Not A Deposit Not Insured by Any Federal Government Entity