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Retirement Accounts

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Help Your Employees Save for Retirement

A competitive retirement savings option is one of the most critical benefits used in employee recruitment. A strong retirement package can help you build up your business with high-quality employees and retain the valuable staff you already have. F & M Community Bank offers SEP IRAs and Simple IRAs that are the ideal retirement savings for businesses of any size.

SEP IRAs vs Simple IRAs – Compare the Accounts


Choose this retirement account if…

Contribution Limits and Requirements



You own a business of any size or are self-employed and experience irregular periods in cash flow.

Can contribute up to 25% of each participant’s annual earned income, or up to maximum allowable limit of current plan year, whichever is less.*


Must contribute equally to all employees.


Only employers can make contributions.


Employees must first establish a traditional IRA. Employer can then deposit SEP contributions to that account.

No minimum deposit to open.


Little to no documents to file with the government.


Annual contributions can be flexible if you experience highs and low in cash flow.


Receive competitive interest on the entire balance.

Simple IRA

You own a small business with 100 or fewer employees.

Matching contributions up to 3% of compensation; or


2% non-elective contribution for each eligible employee.**

Employees can contribute to their own account.


No minimum deposit to open.


Lower contribution limits than other retirement options.


Receives a competitive interest rate.

*Consult a tax advisor
** Under the “non-elective” 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.

Sit Down With Our Team to Learn About IRA Options

If you’d like to learn more about how you can start offering IRA accounts to your employee, our staff is ready to help. Contact our offices to speak with our staff.

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