An ideal pension plan for small organizations, SEP Plans allow your company contributions to be made to eligible employees’ individual retirement account (IRA).
|Maximum total plan contribution that the employer may deduct||
25% participant’s pay or $61,0001, whichever is less2
|Maximum annual participant deferral (cannot exceed 100% of pay)||
No participant deferral contributions allowed
|Required employer contribution||
Drop in one of our branch locations or call our One Call Center at (888) 522-2265 for more information or to open an account.
1 The DC annual additions limit is effective for limitation years ending in the calendar year. The dollar limit is increased by the amount of the applicable catch-up contribution.
2 Grandfathered SARSEP rules may differ slightly; please consult IRS Publication 560.Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.