Commercial Retirement Programs

North Side Federal offers two retirement programs that allow for small businesses to contribute to IRAs in their employees' names.

Simplified Employee Pension

  • Contributions are made by the business to owners and employees
  • Contributions are deductible by the employer, within limits, and generally not taxable (until withdrawn) by the IRA owner
  • Contributions can be made up to the lesser of $30,000 or 15% of each eligible employee's compensation (subject to IRS limits)
  • The plan can be set up at any time up to the date on the employer's tax return
  • Ideal for the small, closely-held business


  • Both the employer and employees can contribute to employees' IRAs
  • The employer makes "salary reduction" contributions to the plan which are generally not taxable (until withdrawn) by the IRA owner
  • This plan must be set up by October 1 to be effective in that particular tax year
  • Ideal for a business with more employees who wants to offer an easy, yet effective benefit plan

To learn more, please call us at 773-561-7051 or visit us at the corner of Clark and Foster in Chicago. For additional information, refer to our certificates of deposit, rates and disclosures, and terms and conditions.