First Minnetonka City Bank

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Contact Us (952) 935-8663

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Employee Benefits | Show your employees appreciation

Showing your employees you appreciate them is important, but sometimes it's hard to know what the best way to do this is. First Minnetonka City Bank can help you provide your employees with Health Savings Accounts (HSA) for employers and Simplified Employee Pension (SEP) retirement plans. These benefits are easy for you to set up and will let your staff know how much they mean to you.

Health Savings Accounts (HSA) for Employers

An HSA completes your health benefits package. An HSA on top of a high deductible health plan (HDHP) benefits you and your employees.

Learn more about Health Savings Accounts (HSA) for Employers >>

Simplified Employee Pension (SEP)

SEPs are often established by companies to provide retirement plans for their employees.  Every year, the company can contribute a certain percentage of each employee’s eligible pay into his or her individual Traditional IRA.  Any company, whether a corporation, partnership or a self-employed individual, may establish a SEP even if there are no other employees.

Every dollar deposited under an eligible SEP plan within the limits listed in the table below qualifies as
a tax deduction.

Tax Year SEP Plan Employer Contributions
2020 The lesser of 25% of the first $285,000 of each eligible employee's compensation or $57,000
2021 The lesser of 25% of the first $290,000 of each eligible employee's compensation or $58,000
2022 The lesser of 25% of the first $305,000 of each eligible employee's compensation or $61,000
Contribution Deadline Employer's income tax return filing due date, plus extensions

For detailed information about SEP and employee eligibility, refer to IRS publication 560, Retirement Plans for Small Businesses, found on the IRS web site.

As a business owner, you should consult with your tax or legal professional to review IRS eligibility requirements for this plan for your business.

The earlier you start saving for retirement, the more time your money has the potential to grow.  It pays to start savings now and to contribute regularly.

Check our great rates for current rates and additional terms and conditions.  Interest rates are subject to change.


Learn More | Contact Our Business Banking Specialists

Glen Lake: (952) 935-8663

14550 Excelsior Blvd.
Minnetonka, MN 55345
Hours & Directions

Country Village: (952) 935-5995

11500 Highway 7
Minnetonka, MN 55305
Hours & Directions


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To report unauthorized activity or a lost or stolen Visa Debit Card, call (952) 935-5995 or (952) 935-8663 during our business hours. After hours, call (800) 472-3272.

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Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.