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1The content of this material is for informational purposes only and is not intended as tax advice. Popular de Puerto Rico, its subsidiaries or affiliates, do not engage in the offering of tax, legal or accounting advice. If legal, tax, or accounting assistance is required, the service of a competent professional should be sought. The contributions made to a Keogh Plan may be invested on investment products. Investment products are not insured by the FDIC, are not deposits or obligations, are not guaranteed by Popular de Puerto Rico or its subsidiaries and/or affiliates. Investment products involve risks, including the possible loss of the invested principal.
1Contributions in excess of the deductible limit will pay a tax equivalent to 10% even if the non-deductible contribution is not claimed as a deduction on your income tax return. For 2015, the maximum annual employer and employee contribution amount per participant will be the lesser of $53,000 or 100% of the participant’s Compensation. Also, the maximum compensation per participant to be used for determining contributions to the Plan shall not exceed $265,000.00.
2Certain restrictions apply. Valid only for new plans and accounts transferred from another institution on or before December 31, 2015. A Trustee Fee Agreement for 7 years with Popular Fiduciary Services is required