Planters Bank

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Small Business Retirement Plans

 

Planters Bank Trust Services can help you with your small business retirement planning. We offer several plans through our Trust Services.

SEP-IRA
SIMPLE IRA 

 

SEP-IRA

A Simplified Employee Pension Plan, commonly known as a SEP-IRA, is a retirement plan specifically designed for self-employed people and small-business owners. When establishing a SEP-IRA plan for your business, you and any eligible employees establish your own separate SEP-IRA; employer contributions are then made into each eligible employee’s SEP-IRA.

Plan eligibility

You can establish a SEP-IRA if you:

Tax advantages

Tax-deductible contributions

Tax-deferred growth potential

Contribution flexibility

No annual contribution required

 

SIMPLE IRA

SIMPLE IRA Plan allows you and your employees to make contributions to SIMPLE IRAs. Contributions can be made via elective deferral (employee) and matching or non-elective contributions (employer). Employer contributions are tax-deductible and employee contributions are excluded from income for federal income tax purposes.

Plan Eligibility

You can establish a SIMPLE IRA if you:

Tax Advantages

Tax-deductible contributions

Tax-deferred growth potential

Contribution Flexibility

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