business & finance

FRIDAY, SEPTEMBER 18, 2015

GARVIN COUNTY
NEWS STAR
PAGE 10

financial focus

Do you have a
small-business
retirement plan?

If youre a small-business
(Contributions for a selfowner, youve always got employed individual are
a lot to do: marketing your limited to 25 percent of comproducts or services, hir- pensation minus one-half of
ing employees, paying your self-employment taxes.)
bills, coping with competiAnd you can fund your
tion the list goes one and SEP IRA with many different
on.
types of investments. Plus,
But theres one task you you can establish a SEP IRA
may be overlooking: estab- for 2015 until April 15, 2016.
lishing your own retirement
Defined benefit plan
plan. And thats not some- Pension plans, also known
thing you want to ignore as defined benefit plans, are
because, one day, you may still around and you can
want to trade in the title of set one up for yourself if you
business owner for that of are self-employed or own
retiree.
your own business.
Fortunately, when choosThis plan has high coning a retirement plan, youve tribution limits, which are
got some good choices. determined by an actuarial
Although the various plans calculation, and as is the
have different requirements case with other retirement
and contribution limits, they plans, your contributions are
all offer tax-deferred earn- typically tax-deductible.
ings, which means
SIMPLE IRA
your money has
A SIMPLE IRA,
the potential to
as its name suggrow faster than if
gests, is easy to set
it were placed in a
up and maintain,
vehicle on which
and it can be a
you paid taxes
good plan if your
every year.
business has fewer
Here are some
than 10 employof the most popees.
ular retirement
Still, while a
plans for smallSIMPLE IRA may
Greg Hendrix be advantageous
business owners:
O w n e r- o n l y Financial Focus for your employ401(k) This
ees, its less generplan, which is also known ous to you, as far as allowas an individual or solo able contributions, than an
401(k), is available to self- owner-only 401(k), a SEP
employed individuals and IRA or a defined benefit
business owners with no plan.
full-time employees other
For 2015, your annual
than themselves or a spouse. contributions are generally
You may even be able to limited to $12,500 or $15,500
choose a Roth option for if youre 50 or older by the
your 401(k),
end of the year.
As the owner, you can
You can also make a
contribute to your plan as matching contribution of up
both an employer and an to 3 percent of your compenemployee; your total con- sation.
tribution limit for 2015 is
A SIMPLE IRA must
$53,000, or $59,000 if you are be set up between Jan. 1
50 or older.
and Oct. 1 of any year, so
SEP IRA If you have if youre interested in this
just a few employees or plan, you may have to wait
are self-employed with no until 2016 to get started.
employees, you may want to
But if youd like to set up
consider a SEP IRA.
any of the other retirement
Youll fund the plan with plans weve looked at, dont
tax-deductible contributions, delay.
and you must cover all eligiThe sooner you put your
ble employees. (Employees plan into place, the quicker
themselves cannot contrib- it can start working for you
ute.) You can contribute up to help you reach that day
to 25 percent of compensa- when you no longer have to
tion, up to $53,000 annually. work at all.

State Bank of Wynnewood

to go gold against cancer

According to St. Jude

Childrens Research Hospital,
1-in-5 children diagnosed
with cancer in the United
States wont survive.
In an effort to combat
those numbers, The State
Bank of Wynnewood (SBW)
is going gold this September
and October to raise awareness and funds for cancer
research.
September is Childhood
Cancer Awareness Month
and gold is its theme color,
said Nicholas A. Waters,
the banks brand manager.
Were including this months
focus, and use of the color
gold, in our efforts this Fall.
SBW has focused on cancer awareness in October the
past two-years, and used the
color pink while fundraising
to include washing windshields in its drive-thru lanes
and cooking hamburgers for
donations.
Weve helped raise-

and-donate almost $12,000

toward cancer research the
past two years, Waters said.
The bank will again match
donations, dollar-for-dollar,
up to $5,000, this year.
The banks staff will kickoff fundraising this Friday,
Sept. 18, by cleaning windshields for donations in its
drive-thru lanes from 10 a.m.
to 4 p.m.
Every employee will be
involved, Waters shared,
well take turns in teams of
two.
SBW will then cook hamburgers for donations in front
of the bank on Friday, Oct. 2,
from 11 a.m. to 2 p.m. Chips
and soft drinks will also be
available.
All of this years proceeds
will benefit St. Jude Childrens
Research Hospital, Waters
added.
For more information,
refer to the banks Facebook
and Twitter pages.

Legislative Luncheon

Oklahoma House and Senate members were on hand for the Pauls Valley Chambers Legislative Lunch on Thursday, September 10, at the
Reynolds Recreation Center. ATT was one of the sponsors of the lunch and legislative members are shown wearing Dont Text and Drive
wrist bands to remind motorists not to text while driving. Shown wearing the bands are (l-r) Rep. Charles McCall, Rep. Pat Ownbey, Rep.
Bobby Cleveland, Jan Moran of ATT, Rep. Lisa Billy, Sen. Susan Paddack, Sen. Corey Brooks, U.S. Sen. James Lankford Field Representative Steve Carson and PV Chamber President Sherri Wing.

State Rep. Lisa Billy, left, speaks during the PV Chambers Legislative Luncheon on Thursday, September 10. State Sen. Susan Paddack is shown on the right. Both Billy and Paddack will term out of
office at the end of the 2016 legislative session.

ABOVE: Rep. Charles McCall

speaks to the crowd during the
PV Chambers Legislative Luncheon. TOP RIGHT: Rep. Bobby
Cleveland. BOTTOM RIGHT:
Rep. Pat Ownbey.

Contract awarded for asphalt

resurfacing in Garvin County

OKLAHOMA CITY
A contract was awarded
for asphalt resurfacing in
Garvin County, Sen. Susan
Paddack and Rep. Lisa
Billy recently announced.
According to the
Oklahoma Department of
Transportation, the project
will involve about 3.2 miles
of asphalt resurfacing on
I-35 from the SH-19 junction, extending north near
Pauls Valley.
Paddack (D-Ada) said
the State Transportation
Commission
awarded
the nearly $1.6 million
contract
to
Markwell
Paving Company, Inc. The
Oklahoma City company
was the lowest of three bidders for the job, said Billy
(R-Purcell).
Once
construction
begins, the project is estimated to be completed by
October 31, 2015.

Electronic Waste Day

set for sept. 29

The
Pauls
Valley
Recycling Center will be
sponsoring an Electronic
Waste Day on Tuesday,
September 29, from 10 a.m.
to 2 p.m.
For
more
information
contact
Lisa
Driskill, Marketing and

Development
Director
at the Garvin County
Community Living Center,
at 405-238-7351.

Greg Hendrix, AAMS

Financial Advisor

Jasen R. Agee
Financial Advisor

200 West Paul

Pauls Valley, OK 73075
405-238-9319

200 West Paul

Pauls Valley, OK 73075
405-238-9319