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Customer Service > Questions & Answers > Frequently Asked Questions > Personal Banking >

Personal Retirement

How much can be contributed?

With a SEP, employers can make a tax-deductible contribution for each eligible employee up to 25% of the employee's annual compensation (or, if you are self-employed, 20% of your net earnings from self-employment) up to the legal annual contribution limit of $45,000 for 2007 and up to $46,000 for 2008, whichever is less. Contact your tax/financial advisor regarding employer obligations to a SEP. Employees may make traditional IRA contributions to their SEP IRA.