Simplified Employee Pension Plan and IRA
A Simplified Employee Pension Plan (SEP) is a type of retirement plan that an employer may establish, including self-employed individuals. The employer is allowed a tax deduction for contributions made to the SEP Plan. The employer makes contributions to each eligible employee's SEP IRA on a discretionary basis. Contributions to SEP IRAs are immediately 100% vested, and the IRA owner (employee) directs the investments.
Tongass Federal Credit Union offers two investment choices for SEP IRAs.
- Share Savings Accounts
- Minimum deposit only $25.00! Get started today.
- Share Certificates with terms from 12 months to 60 months.
Health Savings Accounts
Health Savings Accounts (HSA) enable our members to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax free basis.
A member must be covered by a high deductible health plan (HDHP) to take advantage of an HSA. An HDHP generally costs less than traditional health care coverage. Money saved on insurance premiums can be put into the HSA.
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