Simplified Employee Pension (SEP IRA)

A happy employee is a productive employee. Keep them that way by helping them meet their retirement goals. Our SEP IRA plan offers competitive interest, higher than regular savings, with certain associated tax advantages*. Provide big company benefits while maintaining a close-knit workplace. Plus, SEPs are easy to set up and manage.

Details
  • Boost employee morale with attractive retirement plan
  • Available to any size business, including self-employed
  • Help employees reach their retirement savings goals
  • Employee always has complete ownership of all SEP IRA money
  • Earn competitive interest on entire balance
  • Contributions are tax deductible*
  • Flexible annual contributions, no locked-in percentage
  • Employer must contribute equally for all eligible employees
  • Inexpensive to set up and operate
Beneficial Ownership Requirements

All Sonabank business account holders will be required, due to regulatory reasons, to provide us with certain information on its Beneficial Owners.

This information must be provided on Sonabank's Beneficial Owner Form before a new account can be opened, or any changes can be made to an existing account.

*Consult a tax advisor.