IRAs

IRA Retirement Plans for self-employed and small businesses are a great way to build your retirement savings, offer enhanced compensation value to your employees, and save on taxes.  Black Hills Community Bank is a leader in providing and servicing these economical accounts. Your account is insured up to $250,000 by the F.D.I.C.

Individual Retirement Accounts

IRA Retirement Plans are a great starter plan for self-employed and small businesses.  They add value to an employer’s compensation plan and encourage contributions from employees.

SIMPLE IRA Plans

Savings Incentive Match Plan (SIMPLE)

  • For employer with 100 or fewer employees
  • Two options for employer match up to 3%
  • Contributions are deductible as a business expense
  • Employee contribution limit $11,500 per year
  • Age 50 and above can contribute $14,000
  • Employee participation is voluntary
  • Some eligibility requirements apply

No set up fees; no annual fees for 0-25 employees – Consult your tax advisor

SEP IRA PLANS

Simplified Employee Pension (SEP)

  • Works well for highly compensated self-employed people
  • Contributions up to $49,000 per year
  • Contributions are deductible as a business expense
  • Employee contributions up to $5000
  • Age 50 and above can contribute up to $6000
  • Some eligibility requirements apply