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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Withdrawals are taxable
Withdrawals during retirement are taxed like regular income.
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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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Additional eligibility limits
Certain nonresident aliens and union employees may not be eligible
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Minimum earning requirements
Employees must earn at least $650 in compensation.
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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.
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.
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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