Our experienced staff provides retirement plan services as needed
First American Bank offers a wide range of consulting services for company retirement plans. Whether we serve as your official third-party administrator or not, we can work with you to ensure your plan continues to meet its objectives and remains compliant. In addition to services listed below, our staff may also represent you before the Internal Revenue Service, the U.S. Department of Labor, and the Pension Benefit Guaranty Corp. on various plan matters. These services include but are not limited to:
- Audit assistance
- Analysis and redesign of existing plans
- Cost impact studies due to plan amendments, changes in law or regulations, hiring of new employees, acquisitions, etc.
- Fiduciary duties and responsibilities
- Cost analyses in regard to collective bargaining negotiations
- Optimal application of credit funding balances in pension plans
- Restriction upon pension plan benefits when required
- Plan terminations/Partial plan terminations
- Plan mergers and spinoffs
- Assistance with late Form 5500 filers through the Delinquent Filer Voluntary Compliance Program (DFVCP)
- Assistance with the IRS Employee Plans Compliance Resolution System (EPCRS) to remedy mistakes and avoid the consequences of disqualification through either the Self-Correction Program or the Voluntary Correction Program
- Compliance services for self-administered plans
Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by Any Government Agency | Not a Bank Deposit
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.
Special Note: For 2020 the CARES Act temporarily suspended the RMD requirements from IRAs and qualified retirement plans provided the employer sponsoring the plan adopts the CARES Act provisions. Check with the sponsor of your retirement plan to confirm if you must take an RMD for 2020.
a. $19,500 for 2021;
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.