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SEP IRAs  

   
SEP IRAs
A SEP is a Traditional IRA account that is established by an Employer for eligible Employees. Generally, all Employees are eligible; however, the Employer can choose to exclude:

• Employees under 21 years old,
• Employees who have not worked in (up to) 3 of the past 5 years, and
• Employees not earning the minimum annual amount of $450
  
 

Once an Employee meets the company's eligibility requirements, they cannot be excluded from the Plan. Each year the Employer determines the contribution level, which can range from $0 to up to 25% of each eligible Employee's compensation (salary, bonuses, tips, etc.) not to exceed specified limits (e.g. 2006 limit - $44,000; 2007 limit - $45,000). Contributing Employers should be referred to an accountant or tax advisor for actual contribution limits allowed.
• The contribution percentage must be the same for the Employer and all eligible Employees.
• The Employer is not required to make contributions each year.
• Any Employer, including a sole proprietor with no Employees, can establish a SEP for the benefit of all eligible Employees and themselves.
The Employer and each eligible Employee must establish an IRA plan at a financial institution.  Once the SEP Master Plan is

IRA Department

Stephanie Servary

Phone #:504-832-5615

Fax#: 504-832-3235

e-mail:

sservary@metairiebank.com

 

Manager

Robbin Hardee

Phone#: 504-832-5671

Fax#: 504-832-3235

e-mail:

rhardee@metairiebank.com

established using the 5305-SEP document, the Employer provides a copy to each eligible Employee. The Employee must open an account in order to receive Employer contributions.

To learn more about SEP IRA Plans through Metairie Bank, call us at 504-834-6330.

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