Commercial

Employment Benefits

• SIMPLIFIED EMPLOYMENT PENSION (SEP)
  A Trustco SEP is a tax-deductible retirement fund for businesses that provides tax deferred benefits for employers and employees. Employers contribute up to 25% of an employee's total compensation. The compensation limit is determined by the IRS. Talk to your Trustco banker about this innovative pension program for your business.
  
  
• SAVINGS INCENTIVE MATCH PLANS FOR EMPLOYEES (SIMPLE)
  A Trustco SIMPLE is an inexpensive retirement plan that a small business owner may set up, even if the business has employees other than the owner.
  
  • Employees may elect to defer up to 100% of their compensation, but no more than a certain dollar amount per based on age.
  • Annual reporting to the IRS is not required from employers of SIMPLE IRA plans.
  • Distributions from SIMPLE IRAs are taxed under rules generally applicable to Traditional IRA distributions.
  • Distributions can be rolled over.
  
  
• COVERDELL EDUCATION SAVINGS ACCOUNT
  
  • Non-deductible contributions.
  • Tax Free withdrawals/earnings.
  • Convert to a new beneficiary.

For more information about these Retirement and Savings Accounts stop into any one of our over 100 locations, call to (800) 670-3110