Contribute today and safeguard your employees’ tomorrow.
A SEP IRA is an effective and simple way for business owners and self-employed individuals to build their retirement savings at Kearny Bank.
SEPs are easy to set up and maintain with little paperwork and administrative responsibility, and almost any type of business is eligible, including sole proprietors, small businesses, partnerships, S and C corporations, even nonprofits.
Contribute when cash flow allows
With a SEP IRA, contributions are not mandatory, so you can make contributions to employee accounts in the good years and skip years when cash is in short supply.
Contributions are generally tax-deductible, and if this is your first SEP IRA you may be eligible for a tax credit of up to $500 for each of the first three years.
Funds that grow faster
SEP IRAs also have high contribution limits, allowing up to $56,000 a year per employee, and are tax deferred until the money is withdrawn at retirement. Interest also compounds over time, accumulating additional earnings.