| State Street
Investment Center
BUSINESS RETIREMENT OPTIONS
We
can assist our business customers in implementing a retirement program
for the owners and employees.
Retirement plans for business include:
- 401(k)
- 401(k) plans are usually offered by corporations and certain
non-profit organizations. Employees can defer up to 15% of their
annual salary or $10,500 (in 2000), whichever is less. Employers
may match a percentage of an employee's contribution at their
discretion. Employee deferrals are pre-tax and may reduce their
current tax liability.
- Simplified Employee Pension Plan (SEP)
- An SEP plan is an IRA funded by a company for the benefit of
its employees. This plan allows employers to contribute up to
15% or $25,500 of the employee's annual salary, whichever is less.*
Employers may change their contribution amount annually, or even
skip some years.
- Savings Incentive Match Plan for Employees
(SIMPLE-IRA) - A SIMPLE plan is primarily employee-funded
and allows employees to contribute up to $6,000 of their pre-tax
salary. If an employee participates, the employer is generally
required to contribute either 3% of the salary of each participating
employee, or 2% of the salary of every eligible employee.
Call us for detailed information and which one
would fit your needs.
Investment Products Offered
 Are Not A Deposit
Are Not FDIC-Insured
Are Not Insured
By Any Federal Government Agency
Are Not Guaranteed
By The Bank
May Go Down
In Value
Contact a State Street Investment Center representative at (888)
879-2183 or email us
for more detailed information on Business Retirement plans.
* In 2000, only compensation up to
$170,000 can be used to figure your contribution.
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