As a business owner, you may need an easy and economical way to contribute toward your employees’ retirements. A SEP-IRA arrangement may be worth considering.

A SEP-IRA arrangement is for businesses of any size, including self-employed individuals. In order to be eligible for a SEP-IRA, employees must be age 21 or older and employed by your company for three of the last five years. IRAs are established by each individual and funded entirely by your company. Employer contributions are discretionary and you determine the amount or percentage each year.

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SEP-IRAs may be funded by annuities. Annuities are not appropriate for everyone. There are fees and charges associated with owning an annuity. Annuities do not provide any additional tax advantage when used to fund a qualified plan such as an IRA. Investors should consider buying an annuity to fund a qualified plan for the annuity’s additional features, such as a stream of lifetime income payments and death benefit protection.

This information is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.