Skip to content

A SEP IRA is a tax-advantaged retirement account for self-employed individuals and businesses of all sizes. Simplified Employee Pensions are easy to set up and have low administrative costs. A retirement savings plan is an attractive benefit that can help you hire and retain talented employees.

Key Features

  • Competitive Interest
  • No Monthly Fees

What is a SEP Account?

A SEP Account is a type of retirement savings account for business owners and their employees, as well as the self-employed. 

  • Flexibility: Employers can adjust their contribution amounts based on how well the business is doing.
  • Contributions: Only the employer can make contributions to employees’ SEP IRAs. Contributions must be equal among employees. Annual contribution limits are 25% of the employee’s compensation or $61,000.
  • Cost: SEPs are relatively inexpensive to set up and operate.
  • Flexibility: Employers can adjust their contribution amounts based on how well the business is doing.
  • Contributions: Only the employer can make contributions to employees’ SEP IRAs. Contributions must be equal among employees. Annual contribution limits are 25% of the employee’s compensation or $61,000.
  • Cost: SEPs are relatively inexpensive to set up and operate.
    Benefits of a SEP Account
  • Provides retirement income
  • Attractive employee benefit
  • Easy to establish and run
  • Low administrative costs
  • Flexible contributions

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 start a Simplified Employee Pension plan and enjoy access to Business Digital Banking services.