Retirement Plans and HSAs

Business IRARetirement Plans
The Simplified Employee Pension (SEP) IRA is a retirement plan designed to benefit self employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs qualify for this type of retirement plan.

A SEP is a flexible retirement plan that is easy to set up and maintain. If you have employees, you may be required to contribute for them as well.

The SEP IRA is a retirement plan A SEP plan may work well for you if you are looking for a low-cost, easy-to-maintain retirement plan for you and your employees. Both SEP IRA and Traditional IRA contributions can be made to the same account, and you have the flexibility to change how much your business contributes from year to year.

As a small business owner you can deduct contributions for yourself and your employees from your company's federal taxable income. You can contribute at any age if you are self-employed or a small business owner.

Click here to learn more about BankEast's SEP IRAs and the benefits they can provide.


Health Savings Accounts for Employers
A Health Savings Account program can help you control expenses while maintaining attractive healthcare coverage for your employees. Following are some of the advantages that you and your employees might realize through an HSA plan.

Employer Benefits 

  • Provide a more affordable health plan option for employees
  • Promote employee involvement and accountability in purchasing healthcare services
  • Stimulate high-deductible health plan participation with optional employer contributions
  • Provide a savings vehicle for post-retirement healthcare coverage
  • Reduce payroll taxes by integrating HSAs into a cafeteria plan

Employee Benefits

  • Employee-owned account
  • Make contributions on a pre-tax basis
  • Carry over unused funds, year after year, even after job or health plan changes
  • Control the funds in the HSA, deciding when and how to use them
  • Pay for qualified healthcare expenses tax-free with accumulated contributions, interest, and investment gains, even after retirement

Click here to learn more about HSAs, or contact your BankEast relationship manager for more information about offering HSAs to your employees.