We know it’s not always easy for small businesses to provide meaningful benefits. With Business Retirement Savings Accounts, you can help your employees (and yourself) with an easy-to-manage retirement fund.
Key Features
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Competitive Interest
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No Monthly Fees
Types of Business Retirement Accounts
We offer two different types of retirement accounts for business owners and their employees. Learn more:
A SEP IRA is a tax-advantaged retirement savings account for business owners, employees, and the self-employed.
- Ideal for businesses of any size or self-employed individuals
- Gain the respect of your employees
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SEP IRA money
- Earn competitive interest on entire balance
- Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
- Little to no documents to file with government
- Inexpensive to set up and operate
- Flexible annual contributions – good plan if cash flow is unpredictable
- Can contribute up to 25% of each participant's annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less1
- Must contribute equally for all employees
- Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
- No minimum deposit to open
Learn more about a Simplified Employee Pension.
A SIMPLE (Savings Incentive Match Plan for Employees) IRA allows employers to contribute to a traditional IRA for their employees. Employees can also make contributions up to the annual limit.
- Available to any small business – generally with 100 or fewer employees
- Gain the respect of your employees
- Employees have the option to make self-contributions
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SIMPLE IRA money
- Earns a competitive interest rate
- Employer must not have any other retirement plan
- Minimal paperwork necessary; no filing requirements
- Inexpensive to set up and operate
- Lower contribution limits than some other retirement options
- Employees share responsibility of growing their retirement
- Each year, employer is required to contribute:
- Matching contribution up to 3% of compensation, or
- 2% nonelective contribution for each eligible employee1
- $500 minimum deposit to open
Learn more about a Business SIMPLE IRA.
Open a Business Retirement Account!
West Shore Bank has been Making a Difference Since 1898. For over a century, we have remained committed to helping the people and businesses of Michigan to improve their financial well-being. Visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.
Apply now to get started with a Business Owner Retirement Savings account and enjoy access to Business Digital Banking services.
1Consult a tax advisor.