Whether you run a large company, are a one-person shop or anywhere in between, you can establish a retirement plan. First Independent Financial Advisors* offers IRA/SEP and SIMPLE retirement plans for small and large businesses.

IRA/SEP (Simplified Employee Pension)

An IRA/SEP plan can be established by any employer, including sole proprietors, partnerships or corporations. Contributions are made by the employer on behalf of its employees. Features of an IRA/SEP:

• Contributions are made by the Employer.
• Employer contributions are tax deductible.
• The maximum contribution limit per year is 25% of the employee compensation.
• Contributions can be made up to the tax filing deadline for the prior tax year.

Benefits of an IRA/SEP:

• Reporting requirements for a SEP are fewer than requirements for a Keogh.
• SEP’s are easy to set up and maintain.
• Contribution amounts can vary each year.

S.I.M.P.L.E. (Savings Incentive Match Plans for Employees of Small Employers)

SIMPLEs give businesses with 100 or fewer employees an affordable way to offer retirement benefits through employee salary reductions and matching contributions (similar to those found in a 401(k) plan).

Features:

• An employer may match up to 3% of the employee’s deferred contribution.
• Employees can elect to defer up to $7,000 per year if under the age of 50, and $7,500 per year if 50 or over.
• Employees are eligible if they have at least $5,000 in annual compensation.

Benefits:

• Employer contributions are tax deductible.
• Employees enjoy tax deferred growth potential.
• There are relatively few government reporting requirements, which lower administrative costs for the employer.