Financial 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 Health Savings Accounts 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
Since the inception of HSAs in 2004, First American Bank has been offering a No Monthly Fee1 HSA option to consumers nationwide. We are your trusted HSA advisor to add value to your employee benefits package.
- Two types of account options available, HSA and HSA PLUS
- Nationwide electronic and on-site enrollment assistance
- Dedicated HSA Support Team
- Educational materials to drive enrollment and participation
1 $3.95 monthly fee will be charged if the customer receives paper statements.
Personnel is very attentive. They greet you as soon as you enter the bank. They are always willing to answer any question in regards to their products and services.Share Your Story
They know their clients and it's always great to walk in and be greeted. First American is a great bank with many locations; I highly recommend them.Share Your Story
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.
a. $19,500 for 2020;
b. the maximum deferral amount allowed under the terms of the plan; or
c. the amount that allows the plan to meet the required nondiscrimination tests.
In addition, if you attain age 50 or older by December 31, you may defer an additional $6,500 catch up contribution.