Simplified employee pension, self-employed IRA, SEP IRA


For small business owners and self-employed individuals, a Simplified Employee Pension IRA, or SEP IRA, offers an easy, low-cost retirement plan.

Just like a Traditional IRA, you can deduct your contributions to a SEP IRA. The earnings in your SEP account grow tax-free until you’re ready to retire. Yet contribution limits for SEP IRAs are significantly higher—up to $54,000 annually or 25 percent of annual income, whichever is less—so you can build your retirement savings that much faster.

As part of the mix of investment options for the self-employed, a SEP IRA from SunTrust Bank offers Certificates of Deposit and money market accounts. SunTrust Investment Services, Inc. offers investment solutions from some of the best investment solutions providers the industry has to offer.

A SunTrust retirement specialist can provide further details on the benefits of SEP IRAs, and help you determine if a SEP plan is the right choice for you.

To speak to a SunTrust advisor call 844.206.8900.

Why choose a SEP IRA from SunTrust?

  • Tax-deferred account earnings—help your retirement savings grow faster
  • Tax-deductible contributions mean lower annual tax bills
  • High annual contribution limits currently of up to the lesser of $54,000 or 25 percent of each participant’s income
  • Easy setup and administration
  • Flexible annual contribution requirements—ideal for the self-employed individuals and small businesses with variable cash flow

Is a SEP IRA best for you?

A SEP IRA works best for small business owners with a limited number of employees. Owners of companies with a significant number of employees should consider other types of workplace retirement savings plans.

SEP IRA eligibility

You are eligible to set up a SunTrust SEP IRA if:

  • You are an employer of any size business or a self-employed business owner
  • Your business is a sole proprietorship, corporation or partnership
  • You have completed IRS Form 5305-SEP for setting up a Simplified Employer Pension plan

Note: Eligibility and contribution amount information is valid as of January 1, 2017.

SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, “SunTrust”) are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents, provide legal services and give legal advice. Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. Because it cannot provide legal services or give legal advice, SunTrust’s services or advice relating to “estate planning” are limited to (i) financial planning, multi-generational wealth planning, investment strategy, (ii) management of trust assets, investment management and trust administration, and (iii) working with the client’s legal and tax advisors in the implementation of an estate plan.

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