Retirement

If you’re a business owner, you and your employees financial security is an important priority. Fidelity Bank offers a wide range of retirement planning options, along with a knowledgeable staff, who can help guide you to a bright financial future.

SEP Accounts

A Simplified Employee Pension Plan (SEP) is an employer-sponsored retirement plan designed specifically for small business owners.

Fidelity Bank offers SEPs to:

Sole proprietors and practitioners
Partnerships
Corporations (including Subchapter "S" corporations)

Traditional IRA

The Traditional IRA is a retirement plan established by an individual. These accounts are available to both employers and employees.

The standard combined IRA contribution limit is $5,000 or 100% of earned income if compensation is less. (Earned income is defined as that income which a person works for, such as salary. Pension, social security and disability payments do not qualify as earned income.) If you are age 50 to age 70 1/2, you may contribute an additional $1,000 for the tax year as a "catch-up" contribution.

Roth IRA

A Roth IRA is a savings plan established by an individual. The maximum contribution amount that can be made is $5,000 or 100% of earned income if compensation is less per year. (Earned income is defined as that income which a person works for, such as a salary. Pension, Social Security and disability payments do not qualify as earned income.) If you are over age 50, you may contribute an additional $1,000 each tax year as a "catch-up" contribution.

These contributions are not tax deductible and, when withdrawn in accordance with IRS regulations, both contributions and interest earnings are tax-free.

The Roth IRA also provides limited authority for withdrawing funds prior to retirement for the purchase of a first home and education.

IRA Transfer/Rollover

Funds transferred, or "rolled over," to a Fidelity Bank IRA Account from another IRA or any other qualified retirement plan will retain their tax-deferred status.

Only those portions of a distribution made up of employer contributions and/or tax deferred employee contributions, plus all interest earned on those contributions, are eligible for placement in a Rollover IRA Account. Taxes will continue to be deferred until withdrawals are made from the rollover account.

To make your rollover as easy and convenient as possible, Fidelity Bank will handle the paperwork for you, free of charge.

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