A UNIFI CompanyAcacia Federal Savings Bank, A UNIFI Company

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Commercial Services

Commercial Services
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Business Retirement Options

Savings Incentive Match Plan For Employees (Simple)

The SIMPLE IRA is designed to encourage small businesses that employ 100 or fewer employees to adopt a retirement plan for their employees. It is a low-cost alternative to a 401(k) that's easy to set up and to administer.

Regardless of whether your business is a sole proprietorship, partnership or corporation, you can establish a SIMPLE IRA as long as you meet the following requirements:

  • You have 100 or fewer employees who received at least $5,000 in compensation from you for the previous calendar year; and
  • You do not have a qualified plan or a SEP plan in which employees currently accrue benefits.

You can set up an SIMPLE IRA with Acacia Federal in a competitively priced CD with terms from 6 month through 5 years or in an IRA statement savings account.

Simplified Employee Pension Plan (SEP)

A SEP is an inexpensive way to set up a retirement plan for your employees, even if you have no employees other than yourself. It is a written agreement under which you, the employer contribute money to your employees' Traditional/SEP IRAs. Once funds have been contributed, it becomes the responsibility of the employee to manage their IRAs.

SEPs are available for sole proprietorships, partnerships or corporations.

Higher contribution limits make a SEP an even more attractive way to save.

For additional information, contact our Commercial Banking Division.

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