About Centrue Financial Corp (CFCB) Centrue Financial Corporation is a bank holding company. The Company operates a subsidiary, Centrue Bank (the Bank). It provides various services, establishes Company-wide policies and procedures, and provides other resources as needed, including capital.
Simplified Employee Pension Plan. Also called a SEP IRA. A retirement plan designed for persons with self-employed income and their employees. It operates like an IRA: it has contribution limits and may be invested in securities. When an employer sets up an SEP, he/she creates a different account for each employee and puts a certain percentage of each person's income into these accounts.
To do so, you basically close your existing IRA and transfer its funds to the SEP IRA. Your existing IRA cannot be a Roth plan. A traditional IRA and a SEP IRA are both tax-deferral plans; you deduct your contributions from income for tax purposes, but you will pay taxes when you withdraw the funds at retirement.ou can claim a tax deduction for up to $5,000 a year contributed into a traditional IRA, but you can usually defer up to 10 percent of your pay in a SEP.