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 employers 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