Need a simpler way to provide for your employees’ retirement? A SIMPLE IRA from SEFCU, through our partnership with UVEST Financial Services*,  is just that—simple. As a viable retirement plan for small businesses, it offers many of the features of a traditional retirement plan, but with lower costs and less paperwork. To find out if a SIMPLE plan is best for your business, call SEFCU at 518-862-1955 or 800-727-3328 (outside the 518 area code) or e-mail Call us at 518-862-1955, or email sefcu@uvestmail.com.

 

The SIMPLE Basics

You can set up a SIMPLE IRA plan for your business if you meet these three conditions:

 

Here’s how it works:

With just minimal paperwork, you set up Individual Retirement Accounts (IRAs) for each employee. Employees elect to contribute a portion of their salary, up to a certain amount, to the plan. As the employer, you either match contributions dollar for dollar (up to 3% of pay) or contribute 2% of pay for all eligible employees. You can participate as well: the only difference is that your voluntary contributions are based on a percentage of the business’s net earnings, rather than on compensation.

Once the SIMPLE is in place, participants can reap these advantages:

Call SEFCU to learn more about how SIMPLE makes saving for retirement a whole lot easier.