Small Business Retirement Accounts

Effective January 1, 2024, business owners may be required to complete a beneficial ownership report with FinCEN (Financial Crimes Enforcement Network) as required by federal law. Click here to see if you need to register.

Give Your Employees Peace of Mind

Hiring and retaining top talent is essential for any growing company and helping them plan for their future builds trust and dedication. Whether you’re just opening your doors or looking to expand, our small business retirement account options are designed to be an integral part of your sustained business growth plan. Call us at (337) 433-3611 for additional information.

Simplified Employee Pension (SEP)

Tax-deductible contributions are made by the employer on behalf of all eligible employees and, if self-employed, their own retirement. SEPs are available to all employers.

Details:

• May be established up to the tax-filing due date, including extensions.
• All employees age 21 or older who have worked in at least 3 or the preceding 5 years receive a contribution.
• Contributions are limited to 25% of compensation or $53,000.
• Contributions are made directly to an employee’s IRA.
• General rules regarding Traditional IRAs apply.

Savings Incentive Match Plan for Employees (SIMPLE)

This plan is available to any employer with no more than 100 qualified employees not currently participating in a qualified plan.

Details:

• Contributions made to each of the eligible employees who earned at least $5,000 during any 2 preceding calendar years and expects him/her to earn $5,000 in the current year.
• Either a matching contribution or a non-elective contribution is made.
• Employees may defer up to $12,500 each year.
• Distributions subject to same rules as Traditional IRAs.
• Contributions made directly to an employee’s IRA.