Wauchula State Bank

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BusinessRetirement Plans

We are pleased to offer the following Business Retirement Accounts:

If you have questions or would like additional information please utilize our secure on-line form or e-mail us. You may also contact a Personal Service Representative at any of our convenient branch locations.

Simple IRA Contribution
Designed to encourage small businesses to adopt retirement plans for their employees. An eligible employer may be a self-employed individual, a partnership, or a corporation. A SIMPLE IRA plan permits employees to make salary-reduction contributions to SIMPLE IRAs. Employers are required to either make matching or non-elective contributions to these SIMPLE IRAs.

A SIMPLE IRA plan may be established for the year no later than October 1 of that year (generally). Please consult with your attorney and tax advisor because of the tax and legal consequences.

	Employee Salary Reduction Contributions	Employer Matching Contributions	Employer Non-elective Contributions
Annual Contribution Limit	100% of employee’s compensation up to $11,500 (if under age 50)	Match salary reduction contribution dollar for dollar up to 3% of employee’s compensation.	2% of employee’s compensation (max. of $3,400)
Contribution Deadline	As soon as administratively feasible, but not later than end of 30-day period following last day of month funds were withheld from employee’s pay.	Employer’s tax-filing deadline (including extensions)	Employer’s tax-filing deadline (including extensions)
Eligible Employees	Generally, every employee who received at least $5,000 in compensation from the employer during any two previous years and is expected to earn at least $5,000 during the current year.	Any employee who makes salary reduction contributions	Generally, every employee who is expected to receive at least $5,000 in compensation from the employer during the current year, even if employee makes no salary reduction contribution.