Simple IRA
As its name suggests, the SIMPLE IRA (Savings Incentive Match Plan for Employees) is an uncomplicated, low-cost option especially suitable for small businesses with less than 100 employees. Tax Advantages*
Contributions are made before taxes, reducing taxable income for employees. Plus, both contributions and earnings grow tax-deferred until withdrawal (presumably in retirement), at which time they are taxed as ordinary income.  top
SEP IRA
Though they’re suitable for small businesses with 10 or fewer employees, in practice most SEP-IRAs (Simplified Employee Pension) are established by self-employed individuals. The plans require minimal paperwork and are easy to administer. Tax Advantages*
Employer contributions are made before taxes, and both contributions and earnings grow tax-deferred until they are withdrawn (presumably in retirement), at which time they are taxed as ordinary income. top
401(k) Plans
401(k) plans are generally used by larger companies with 25 or more employees. Employees make pre-tax contributions to self-directed accounts each payroll period, and employers have the option of matching a portion. Tax Advantages*
Employee contributions are made with pre-tax money, reducing the amount of tax due from each paycheck. In addition, all employer contributions and earnings grow tax-deferred until withdrawal. top
Profit-Sharing Plans
A profit-sharing plan offers business owners a tax-advantaged way of sharing profits among their employees. Employers make discretionary tax-deductible contributions, which are then allocated to the individual accounts of participating employees.
Tax Advantages*
The employer’s contribution to each employee's account is not considered taxable income to the employee. Earnings accumulate on a tax-deferred basis. top
403(b) Plans
Often called “401(k)s for non-profits,” 403(b) plans are tax-deferred retirement programs designed for employees of health-care, educational, religious and other tax-exempt organizations. We can help non-profits set up a 403(b) plan or simply advise employees on how best to invest the money within their own individual account. Tax Advantages*
Contributions are made through pre-tax payroll deductions, reducing taxable income. Earnings grow tax-deferred until withdrawal (presumably in retirement), at which time they are taxed as ordinary income. top
Pension Consulting
The retirement plan specialist located at West Shore Bank offers consultative services to pension administrators seeking expert advice on investing the funds in their traditional defined benefit pension plan. We’ll work with you to develop an investment strategy that delivers conservative growth while meeting your current and future payout obligations. top | 
