Offering the right retirement plan can help small businesses strengthen their teams, attract top talent, and simplify operations.
In Miami, a family-run beauty school had grown steadily over the years, offering training in cosmetology, skincare, and spa therapy. The founder came to us with a challenge: how to attract and retain top talent while staying focused on growing her business.
We worked together to design a 401(k) plan tailored to her team. Beyond the technical side (plan design, fund selection, documentation), we made sure to schedule employee education sessions in both English and Spanish. This extra attention helped her employees understand the benefits and take full advantage of them. She got what she wanted: a stronger team, and peace of mind knowing the back-end details were taken care of.
Another case involved a general contractor struggling with poor communication and excessive fees from their previous provider. We restructured the plan to eliminate third-party administrator costs, improved the investment lineup, and cut unnecessary expenses, resulting in real savings for the company and better outcomes for its employees.
We also helped a third client, a structural engineering firm, to save $4,600 annually by bringing its 401(k) business over to First American Bank.
Retirement Benefits Matter More Than Ever
These businesses share a common theme: they wanted to build something sustainable, not just for themselves, but for their teams. A 401(k) plan helps create that foundation. It’s no longer just a benefit for big companies. Today’s employees, especially in competitive industries, expect employers to support their long-term financial security.
Beyond attracting and retaining talent, a 401(k) plan can provide significant tax advantages. And with the right plan design, it can be cost-effective and easy to manage. You don’t need a large HR team or deep back-office infrastructure. You just need a partner who understands your business and handles the details.
Our Collaborative Approach to 401(k) Design
At First American Bank, we support over 100 private-sector retirement plans and manage more than $250 million in assets. But what makes us different isn’t the volume – it’s the way we work.
We help design your plan based on your company’s structure and goals, coordinate all necessary steps with your existing providers, and offer bilingual employee education to help boost participation. Our in-house team handles compliance, filings, fund monitoring, and reporting, so you can focus on your business.
Is It Time to Benchmark Your Plan?
If you already offer a retirement plan, it might be time to evaluate how it’s performing. Are the fees reasonable? Are your employees getting the support they need? Is the plan helping you meet your business goals?
We offer a free benchmarking report that compares your plan against industry best practices. With just a few standard documents, we can identify potential savings or improvements and give you the information you need to make smart decisions going forward.
Let's Make Retirement Planning Simple
Offering a 401(k) plan doesn’t have to be complicated or expensive. With the right approach, it can be a seamless process that adds real value to your business. Whether you’re setting up a new plan or reevaluating an existing one, we’re here to help.
If you’re a business owner in Florida ready to explore your options, let’s talk.
Contact Information
Karina Valido, CRPS
Vice President
Private Client Advisor
Phone: (305) 643-8286
Email: [email protected]
