Welcome to the new Monterra Credit Union website
We’re ready to improve your banking experience with our new and improved website. Take a tour to see what changes have been made and where you can find the products that you’re most interested in.
)
Simplified Employee Pension Plans
Start saving with this special Individual Retirement Account
Simplified Employee Pension (SEP) Plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees.
Create your retirement savings strategy
Self-employed people find this a good option
Small business owners help themselves and their employees save, too
SEP Plans follow the same investment, distribution, and rollover rules as Traditional IRAs
Is a SEP IRA right for you?
As with any retirement account, consult a trusted professional at Monterra Credit Union, a tax advisor, or an attorney*. They're a great retirement savings option if you're a sole proprietor, freelancer or small business owner.
- Save up to 25 percent of your net income, up to a yearly limit set by the IRS (for 2023, the limit is $66,000)
- Contributions are tax-deductible and go into a Traditional IRA under the employee's name*
- Money is taxed at withdrawal, similar to a Traditional IRA
- For small businesses, all contributions are made by the employer
- To be eligible, an employee must be at least 21 years old, have worked for the company during three of the past five years, and received the eligible compensation amount from your business for the year (see irs.gov/sep for rules and regulations)
* Monterra Credit Union does not provide tax advice. Please consult with your tax or legal advisor to determine how this information may impact your own situation. The information on this site should not be relied upon as investment advice or solicitation. Statements of fact are considered reliable but no representation or warranty is made as to their completeness or accuracy.
Seeking a business checking account?
Receive everything you need to manage your commercial funds.
Business Line of Credit
Get access to funds whenever opportunities or unexpected expenses arise.
Invested in you.
We invest in the success of people and our community by:
- Giving back
- Making things easier
- Committing ourselves to our members' potential
