Retirement Services

SEP Plans

An ideal pension plan for small organizations, SEP Plans allow your company contributions to be made to eligible employees’ individual retirement account (IRA).

  • Advantages
    • Minimal paperwork and expense
    • Minimal tax filing
  • Eligibility
    • All taxable businesses (sole proprietors, partnerships and corporations) and tax-exempt organizations may establish SEP Plans
    • Any employee who has worked for three out of the past five years and is age 21 or older must be covered; exclusions are permitted for certain employees
  • Maximum total plan contribution that the employer may deduct

    25% participant’s pay or $53,0001, whichever is less2

  • Maximum annual participant deferral (cannot exceed 100% of pay)

    No participant deferral contributions allowed

  • Required employer contribution


You are about to leave our site.

By following this link you are leaving Lake City Bank's website. Lake City Bank is not responsible for the content, links, privacy or security of the website you are going to.