(Depending on IRA assets, a SIMPLE IRA may or
may NOT be FDIC insured.)
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Mutual funds, stocks and bonds are not deposits or obligations of any bank; are not guaranteed by any bank; and are not insured or guaranteed by the FDIC, Federal Reserve Board or any other government agency. Investment in mutual funds, stocks or bonds involves risk, including possible loss of principal.
Additional information is available from our personal bankers. Please contact us.
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Retirement plan where employees (including
the employer) can make pre-tax contributions and receive matching employer
contributions.
- This IRA is for employers with fewer
than 100 employees.
- Employee and employer contributions are
100% vested.
- The employer contribution must satisfy a
matching contribution or a non-elective Contribution.
- See a personal banker for more details.
- Current contribution levels are noted in
the table below.
Economic Growth and Tax
Relief Reconciliation Act of 2001 SIMPLE IRA Increased Contribution
Amounts Effective 2002
|
Contribution Year |
Contribution Limit Under Age 50 |
Contribution Limit Age 50 And Over |
| 2002 |
$7,000.00 |
$3,500.00 |
| 2003
|
$8,000.00
|
$3,500.00
|
| 2004
|
$9,000.00
|
$3,500.00
|
| 2005
|
$10,000.00 |
$4,500.00 |
| 2006
|
$10,000.00 plus COLA |
$12,500.00 plus COLA |
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