If you own a small business, having a SIMPLE
IRA (Savings Incentive Match Plan for Employees IRA) as part of
your benefits package can help you attract and retain valuable employees.
You and your employees will have the ability to accelerate your
retirement savings beyond what is possible with other retirement
plans like the Traditional
IRA. Not only are the employee contribution limits much higher
than other IRAs, but you can match 100% of your employees' contributions.
SIMPLE IRA earnings grow tax-deferred until withdrawal at retirement.1 What's more, you may even be able to contribute an additional "catch-up" amount of $500 if you're 50 or over.
Benefits Your Business Will Receive
- Tax-deferred earnings on contributions2
- Contribution flexibility - both employers and employees can contribute to the account
- CD choices with a wide range of terms, all federally insured up to FDIC limits
- Highly competitive interest rate
- Conveniently available at any of our branches
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Fast
Facts 
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Tax
Year |
IRA
Contribution |
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| Employee Contribution
Limits3 |
• 2005 and beyond |
• $10,000 (plus potential cost-of-living
increases in $500 increments beginning in 2006) |
|
| Catch-up
Contributions3 |
• 2005
•
2006 and beyond |
• $2000
•
$2,500 |
|
| Employer Matching
Limits3 |
• 2005 and beyond |
• 100% match of up to 3% of income
• Or a flat contribution 2% of income |
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Contributing
to Your SIMPLE IRA
SIMPLE IRAs give both you, as an employer,
and your employees the flexibility to choose how much you each contribute.
You can match your employees' contributions or simply contribute
a fixed amount to the account, whether or not your employees contribute.
Employees can still participate in a SIMPLE IRA program even if
they already have, or want to get, a regular IRA.
Compare
IRA Accounts
IRA
Options
In addition to our FDIC-insured Retirement
CDs, you may select from our other non-FDIC-insured investments.
