SEP (Simplified Employee Pension)
An SEP, using an individual Retirement Account, provides an employer with a simplified way to make contributions toward an employee's retirement income.
The SEP contribution the employer makes in a year for any one employee may not be more than the smaller of $51,000.00 or 25% of the employee's total compensation.
The deposit terms are the same as IRA'S.
For more information please contact an Exchange Bank Representative.