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Retirement Accounts

Retirement Accounts

Gain the respect of current and potential employees by offering them a solid plan for their retirement. At F & M Community Bank, we offer SEP and Simple IRA options for accommodate our different business customers. We'll help fit you with the right plan based on your size and operational goals.

Each account provides tax advantages and are inexpensive to set up and operate. Plus, little paperwork and documentation is required, so there's no need to worry about squeezing in another demanding task in your already-busy day. Maintain a happy work environment; get your employees on a retirement plan with the help of a bank you know and trust.


SEP IRAs
  • Ideal for businesses of any size or self-employed individuals
  • Gain the respect of your employees
  • Help employees reach their retirement savings goals
  • Employee always has complete ownership of all SEP IRA money
  • Receives competitive interest on entire balance
  • Contributions are tax deductible; your business pays no taxes on earnings
  • Contributions made only by the employer
  • Only self-employed may make contributions on their own behalf
  • Little to no documents to file with government
  • Inexpensive to set up and operate
  • Flexible annual contributions – good plan if cash flow is unpredictable
  • Can contribute up to 25% of each participant's annual compensation (earned income)
  • Or, up to the maximum allowable limit for current plan year, whichever is less*
  • Must contribute equally for all employees
  • Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
  • No minimum deposit to open

*Consult your tax advisor.

SIMPLE IRAs
  • Available to any small business – generally with 100 or fewer employees
  • Gain the respect of your employees
  • Employees have the option to make self-contributions
  • Helps employees reach their retirement savings goals
  • Employee always has complete ownership of all SIMPLE IRA money
  • Receives a competitive interest rate
  • Employer must not have any other retirement plan
  • Minimal paperwork necessary; no filing requirements
  • Inexpensive to set up and operate
  • Lower contribution limits than some other retirement options
  • Employees share responsibility of growing their retirement
  • Each year, employer is required to contribute:
  • Matching contribution up to 3% of compensation, or
  • 2% nonelective contribution for each eligible employee*
  • No minimum deposit to open

*Under the "nonelective" contribution formula, even if an eligible employee doesn't contribute to his or her SIMPLE IRA, that employee must still receive an employer contribution to his or her SIMPLE IRA equal to 2% of his or her compensation