SEP Chicago
An SEP (or Simplified Employee Pension) Plan is a tax-deferred retirement instrument for small business owners with fewer than 25 employees or for self-employed individuals. The SEP-IRA sets an amount that the employer and employee can contribute to an IRA based on the employee's compensation. Murray Insurance & Financial Services can help you establish a SEP plan for your retirement that takes full advantage of IRA pre-tax contributions. Once your contributions are deposited, your SEP plan is subject to many of the same rules and regulations of a traditional IRA including:
- Eligibility - Any individual with taxable income or self-employment income
- Distribution - Penalties for distributions are based on age at the time of distribution
- Investment - Broad range of options include CDs, annuities, etc.
- Contribution - Employer decides percentage of compensation to be contributed
Offering a retirement plan for your employees can be a lot easier than you think. A SEP-IRA retirement plan doesn't require complicated forms or annual IRS reports. If you own a small business or have self-employed income, our qualified agent can show you how quickly you can set up a retirement plan. In Chicago, Rockford or Milwaukee, call Murray Insurance & Financial Services to determine your company’s eligibility for a SEP account.