North Side Federal offers your business a choice of two retirement/pension plans:

• Simplified Employee Pension (SEP)
  
  A SEP is a retirement plan provided by small businesses (partnerships, sole proprietors and corporations) to their owners and employees. Contributions by the business are made into an Individual Retirement Account (IRA) in the employee's name.
  
  • Contributions are deductible by the employer, within limits and generally not taxable (until withdrawn) by the IRA owner.
  • Contributions can be made up to the lesser of $30,000 or 15% of each eligible employee's compensation (subject to IRS limits).
  • This plan can be set up at any time up to the due date on the employer's tax return.
  • Very effective for the small, closely-held business.
    
    
• SIMPLE IRA
  
  A SIMPLE IRA is a retirement plan provided by a small business with 100 or fewer employees. Under this plan, both the employer and employee can contribute to an IRA set up in the employee's name.
  
  • Contributions are deductible by the employer, within limits.
  • The employer makes "salary reduction" contributions to the plan on the employee's behalf which are generally not taxable (until withdrawn) by the IRA owner.
  • This plan must be set up by October 1, to be effective in that particular tax year.
  • A smart choice for a business with more employees who wants to offer an easy, yet effective benefit plan.
  
  For more information, please see our Individual Retirement Account page and its related disclosures. For full IRS limitations, please consult your tax advisor.