Your financial assistant
We prioritize convenience and usefulness in our business tools because we understand time is precious.
Explore SolutionsFinancial freedom in the future takes planning today
Business leaders know the importance of providing employees with benefits. At First American Bank, we partner with you on the development of which benefits best suit your needs. Our representatives will work directly with you and your employees, whether it's to open HSAs, FSAs, HRAs or QTAs to pay for future medical care or to offer them valuable insight on retirement planning and long-term investment strategies. We're experts at helping our business customers in Wisconsin, Illinois and Florida.
Employee Benefit Options
The Health Account Services suite of health and benefits accounts allows you to offer flexibility to your benefits package and provide cost- and tax-saving resources to your employees. As a preferred CDH benefit account provider, we help employers of all sizes through our enrollment assistance, educational materials and more for you and your employees. We are here to be your trusted advisor and add value to your employee benefits plan design.
- Full suite of CDH solutions, including HSA, FSA, HRA, and QTA
- Nationwide electronic and on-site enrollment assistance
- Dedicated Health Account Services Support Team
- Educational materials to drive enrollment and participation
Prior to 2020, you were required to start taking Required Minimum Distributions (RMDs) by April 1 of the year following the year in which you attained age 70 ½. That rule still applies if you attained age 70½ by the end of 2019. Once you are required to begin taking RMDs, you must continue. For 2020, the SECURE Act increased the age to begin RMDs to age 72 and then subsequently with the passing of SECURE Act 2.0 beginning in 2023, the age has been raised again. The schedule below outlines at what age you must begin taking RMDs.
Date of birth before 7/1/1949, RMD starts at age 70 ½. Date of birth 7/1/1949 to 12/31/1950, RMD starts at age 72. Date of birth 1/1/1951 to 12/31/1959, RMD starts at age 73. After 12/31/1958, RMD starts at age 75.
The same April 1 deadline applies. Thereafter, you must take RMDs annually on or before December 31. Note, two required distributions will be issued your first year if you wait until the period January 1 to April 1 to begin your RMDs. You may avoid two taxable distributions in the first year by taking your first withdrawal on or before December 31 of the year in which you attain the applicable age as shown above.
However, if you are still working, you are not required to begin RMDs from your employer sponsored plan until April 1 of the year following the year in which you terminate employment. This exception does not apply if you own more than 5% of the employer, nor does it apply to IRAs.