Loading depends on your connection speed!

Online Banking

SEP IRAs FAQ

If an employer maintains a SEP for its employees, can the employees also make contributions to Individual Retirement Accounts?

Yes. If the employees choose to do so, they may combine IRA and SEP contributions in one account.

Can an employee eligible to participate in a SEP choose not to participate?

No. All eligible employees must participate. An employer can set up an IRA for the employee at a financial institution and make the appropriate contribution.

When are income taxes paid on money in a SEP account?

Income taxes are paid when money is withdrawn from a SEP account.

When can money be withdrawn from a SEP account?

SEP money can be withdrawn without penalty at age 59 ½. Earlier withdrawals are generally subject to a 10% additional income tax unless the participant becomes disabled or receives distributions in the form of an annuity that are part of substantially equal payments over life or life expectancy.

This site is provided for your information and does not constitute tax advice. Please consult with your accountant or tax advisor for specific guidance.

Want to determine how much money you will need to retire? Use our calculator.

For more information contact our Customer Care Team at 1.888.993.7664.

Mortgage Rates

Looking to purchase a home? Click here to see our mortgage rates.

Financial Resources

From calculators to savings and planning for retirement, our Financial Resources has the tools and tips you need.

myCommunity

Proudly supporting our communities and the causes that touch them since 1902.