SEP Plan for Small Businesses in Maine | Machias Savings Bank

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Simplified Employee Pension Plan

It’s Never Been Easier to Start Planning For Retirement

Move your small business forward by saving for your future and helping employees save for theirs.

Simplified Employee Pension Plan

An Easy Small Business Retirement Plan to Set Up and Maintain.

Choose a retirement savings option that benefits you and your employees. Here are a few details about this plan:

  • Contributions may be tax-deductible1
  • Interest-bearing
  • No fee
  • FDIC-insured (within guidelines)
  • As of 2023, the maximum contribution is 25% or $66,000
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Helping Your Small Business Thrive

With an easy-to-administer small business-sponsored retirement plan, you can help yourself and your employees save for the future. Employer benefits include:


Choose What You Pay

Every year, you can pay zero to 25% of your employees’ compensation, and all contributions are tax-deductible, letting you adapt to changing income.


Benefit From Tax Credits

You can claim tax credits for up to three years to cover startup costs when beginning a SEP IRA, lowering the barriers to entry for retirement savings.


Increase Employee Satisfaction

Employees will appreciate having a SEP IRA because they can increase their retirement savings and secure their financial futures.

Helping Your Employees Save

Beyond offering business benefits, a simplified employee pension plan for small businesses will create advantages for your employees. Employee Benefits include:


Control Over Retirement Assets

Each employee owns and controls their own retirement account, freeing them to make the best financial decisions for their unique situation.


Deferred Income Tax

With a SEP small business retirement plan, employee savings can grow because they only pay taxes on contributions when withdrawing funds during retirement.

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No Current Taxable Income

An employer’s contribution to an employee retirement account is not included as a portion of their annual taxable income.

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Our Disclosures

1 Consult your tax advisor for more information.

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Exceptional Business Checking

Our non-interest-bearing checking accounts are an excellent tool for starting a new business or fostering growth in your current company.

Learn More About our Exceptional Business Checking Account
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Exceptional Business Savings

With our Exceptional Business account, you will have a safe and secure place to grow your funds and help your business reach its potential.

Learn More About our Exceptional Business Savings Account
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Essential Business Fund

Our business fund account is a tiered interest bearing savings account that gives you the option of not tying up your money for an extended period of time.

Learn More About our Essential Business Fund Account
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