SEPs

With a Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) plan, only the employer makes contributions, and with this program in place, the company is required to make contributions for all eligible employees. Your employees are immediately 100% vested, so the money you contribute is theirs right away.

  • 100% employer funded
  • Contributions are tax deductible
  • Earnings grow tax deferred until you make withdrawals
  • Employers can contribute up to 25% of the employee’s pay, up to $54,000 per year
  • Employees avoid a 10% penalty on funds withdrawn on or after the age of 59 ½

“We’re a second generation pharmacy that knows the value of good neighbors and strong relationships. We’ve got a great partner in My Bank; they help us run the store more efficiently and support some of our favorite organizations including League for Crippled Children, Frostburg State University, and the Shriners.”

Bob Martin
Potomac Valley Pharmacy
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