Business Retirement Plans

Retirement Plans

Retirement Plan accounts can be powerful investment tools that can help you reach financial security. You can invest your retirement funds in our Regular Savings Accounts, Gold Money Market Savings and our Certificates of Deposit Accounts (Click on our Rates & Fees link if you would like to see our current interest rates.)

Visit any of our offices to open your retirement plan account. (Click on our Locations link to find the branch office nearest you. For more information, call our Retirement Accounts department at (800) 874-9779.

Call your tax advisor for information regarding income limits, tax deductibility rules and filing deadlines when selecting a Retirement Plan.

Retirement Plans Available:

Simplified Employee Pension (SEP) Plan

  • Under a SEP plan, an employer makes contributions directly into the SEP-IRAs of all eligible employees.
  • A SEP-IRA is a Contributory IRA maintained by each eligible employee for the purpose of receiving employer contributions under the SEP plan.
  • Employees may also contribute to their SEP-IRA.
  • Contributions to SEPs are discretionary; an employer may change the percentage of the SEP contribution each year.
  • The maximum amount the employer can contribute, for 2007, is 25% of each eligible employee's earned income or $45,000, which ever is less. The maximum contribution for 2008 is $46,000.
  • Once a contribution has been made to an employee's SEP-IRA, the employee, as owner of the IRA, assumes control over the funds.

Profit Sharing Plan

  • The Profit Sharing Plan is available to the self-employed person, whether you're a sole proprietor, partnership or corporation.
  • The maximum amount the employer can contribute, for 2007, is 25% of each eligible employee's earned income or $45,000, which ever is less. The maximum contribution for 2008 is $46,000
  • The employer must make a contribution to the Plan for each eligible employee for years in which the employer has a net profit.

Money Purchase

  • The Money Purchase Plan is available to the self-employed person, whether you are a sole proprietor, partnership or corporation.
  • The maximum amount the employer can contribute, for 2007, is 100% of earned income, or $45,000, whichever is less. The maximum contribution for 2008 is $46,000.
  • The employer must make a contribution to the plan for eligible employees, whether or not there is a net profit.