Help your employees prepare for retirement
Provide your employees and business with financial benefits.
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Good to know
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Contribution limits
Annual contribution limits change from year to year.*
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Distributions are taxed
When you withdraw funds from a SEP IRA, your distributions are taxable based on the tax bracket that you are in at the time. Additionally, if you are below the age of 59 1/2, there is an additional 10% tax penalty.
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Possible age requirements
May require that employees be 21 or older, depending on the SEP agreement from the employer.
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Length of employment requirements
Some employer SEP agreements may require employees to have worked at least three of the previous five years.
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1
Complete an application
It takes just minutes. You'll need your Social Security number and driver's license or valid ID.
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2
Enroll employees in the program
Set up accounts for your employees (or yourself if you are self-employed).
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3
Start making contributions
Make tax-advantaged contributions to help set your employees up for future success.
Suggested for you
Looking for more employee benefits?
Show your team they're valued by offering customized retirement plans and benefits, available through CUSO Financial Services, L.P.**
Your hard-earned money is safe
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Received Bauer Financial's 5-star Superior rating for strength based on financial data as of June 30, 2023.
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Rated #1 healthiest credit union in California according to Glatt Consulting’s 2023 Credit Union Industry HealthScore
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Give your employees a brighter future
Offer a retirement plan that not only allows them to save, but also provides benefits.
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*For information regarding tax implications, please consult a tax advisor.
**Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Forms
Simplified Employee Pensions (SEPs) Forms
- Application packet
- SEP Plan Kit
- Contribution eligibility form
- Contribution and investment selection form
- Direct transfer instruction form
- Beneficiary designation/change form
*You may bring all completed forms into any RCU branch or mail it to the following address:
Redwood Credit Union
Attn: Retirement Services
P.O. Box 6104
Santa Rosa, CA 95406-0104
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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