retirement accounts

Business Banking · Self-Directed Retirement Services · Retirement Accounts

Retirement Accounts

With retirement accounts through Central Bank, we serve as custodian only. Please seek advice from a tax or legal advisor. 

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SIMPLE IRA (Savings Incentive Match Plan for Employees)

This plan helps employees and employers contribute to traditional IRAs. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan for employees. Learn more at

Requirements for Employers

  • Must have 100 or fewer employees who earned a minimum of $5,000 in the previous year.
  • Employer cannot run another employer-sponsored retirement plan simultaneously.
  • Account/Contribution deadline—must notify employees by October 1 of plan establishment and must provide annual notices.
  • Employer contributions are deductible as business expenses.
  • No “plan” tax filings with the IRS are required.
  • Mandatory matching contribution up to 3% or non-elective contribution of 2%.

Requirements for Employees

  • Must have earned a minimum of $5,000 from current employer in the past two years.
  • Must earn a minimum of at least $5,000 in the current year.
  • Benefit from tax deferred retirement savings.
  • Pretax contributions made through payroll deduction, plus employer match.

To get started, call us at 801-655-2126

SEP IRA (Simplified Employee Pension Plan)

This plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account set up for each plan participant.

Learn more at

Requirements for Employers

  • No “plan” tax filings with the IRS are required
  • Must meet one of the following criteria: sole proprietor, business owner, participating in a partnership, or receiving self-employment income
  • Must establish by April 15
  • Must contribute equally for all eligible employees

Requirements for Employees

  • Employer contribution and tax deferred retirement savings
  • Employee is always 100% vested in (or, has ownership of) all SEP-IRA money

To get started, call us at 801-655-2126.

Profit Sharing Plan

A profit-sharing plan accepts discretionary employer contributions. There is no set amount that the law requires you to contribute. If you can afford to make some amount of contributions to the plan for a particular year, you can do so. For other years, you don’t need to make any contributions. Also, your business does not need profits to make contributions to a profit-sharing plan.

If you do make contributions, you will need to have a set formula for determining how the contributions are divided. This money goes into a separate account for each employee. Learn more at

If you establish a profit-sharing plan, you:

  • Can have other retirement plans
  • Can be a business of any size
  • Need to annually file a Form 5500

To get started, call us at 801-655-2126.
Central Bank serves as custodian only. Please seek advice from tax or legal advisor.

Solo 401(k)

Sometimes referred to as a one-participant 401(k) plan, the Solo 401(k) is a traditional 401(k) covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as any other 401(k) plan. Learn more at

To get started, call us at 801-655-2126.

Investments have no guarantee, may lose value, and are not FDIC insured.
Central Bank serves as a custodian only. Please seek advice from a tax or legal advisor.