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Benefits Your Employees
Eligible employees reap the benefits of a Traditional IRA, but with higher contribution limits
SEP IRA
Offered by PNC Investments
Whether you’re running your own business as a sole proprietor or have a staff of any size, consider a SEP-IRA (Simplified Employee Pension-IRA) from PNC Investments. This plan type allows you to leverage tax-advantaged investments for yourself and your employees.
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Key Features
Tax Efficiencies
Money is invested tax-deferred, and employers may get a tax deduction for all contributions
Immediate 100% Vesting
Any contributions in a SEP are 100% vested immediately
SEP IRA
Overview
- Generally available to sole proprietorships, partnerships, corporations, Subchapter S corporations and non-profit organizations of any size
- Only the employer contributes (and must make the same contribution for all employees); employees do not contribute to a SEP-IRA
- All eligible employees are covered, and contributions are 100% vested immediately
- Funds can be invested the same way as in any other IRA, and earnings accumulate tax-deferred
- Contribution limits are higher than in other IRA types
- Employers may be able to take a tax deduction for contributions made for their employees
- Administration may be simpler than a 401(k) plan
- Self-employed businesses can set up a SEP even if the owner is contributing to an employer-sponsored retirement plan at a second job
Additional Information
How It Works
The employer must first establish the plan. Then the employer can make tax-deductible contributions on behalf of all eligible employees into their separate SEP-IRA accounts. All employees must receive the same benefits, though this amount can be changed each year.
Contribution Limits
| 2023 | |
Employers |
Contribution |
Self-employed |
Contribution The same contribution limits apply to the self-employed that apply to employers; however, special rules apply when determining the maximum deductible contribution, based on net profit from the business |
Account Fees & Minimums
Vary based on investment choices.
Associated Products & Services
The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Wealth Management® or PNC Institutional Asset Management®:
How PNC Investments Does Business
Learn how PNC Investments does business, including our qualifications, business practices, fee schedules, and options for how you can work with us by reviewing our Client Relationship Summary, Overview of Products and Services and more. View Details »
Important Legal Disclosures & Information
This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products and brokerage services as well as managed account advisory services to US based clients are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and Member FINRA and SIPC. Managed account advisory services for non-US based clients are offered by PNC Managed Account Solutions, Inc., a registered investment adviser. Annuities and other insurance products are offered through PNC Insurance Services, LLC, a licensed insurance agency (CA License #0B57695).
PNC Investments, PNC Insurance Services and PNC Managed Account Solutions do not provide legal, tax, or accounting advice.
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This document provides information on additional compensation that PNC Investments receives from certain mutual fund companies, 529 plan program managers and insurance companies.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC.
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