Simplified Employee Pension (SEP)

Simplified Employee Pension (SEP)

An SEP is a powerful tool for those who are self-employed or running a small business. It provides the power and tax advantages of an IRA or company retirement plan.

City National Bank makes it easy to establish an SEP. Doing so gives small businesses the ability to provide big-company benefits that are tax deductible and very easy to manage. Little effort yields big rewards...and happier employees.

Summary
  • Tax-advantaged savings for retirement
  • Available to any size business, including self-employed
  • Contribute to own retirement as well as employees
  • Gain employee satisfaction with attractive retirement plan
  • Contributions are tax deductible*
  • Flexible annual contribution (percentage you choose is not locked)
  • Employer must contribute equally for all eligible employees
  • Possible tax credit for opening a new SEP plan*
  • Generally, no documents to file with government
  • Very low administrative costs

*Consult a tax advisor.