Our services go a long way toward reducing cost and risk
At First American Bank, we help many companies set up Defined Benefit Plans, and then we call on our many years of experience to assist you as plan administrator. Our dedicated professionals use leading industry practices and cutting-edge technology to deliver outstanding customer service and ensure compliance and accuracy. Our services include:
- Review of employee census data to determine eligibility under the terms of the plan
- Prepare actuarial valuation to determine contribution costs
- Compliance testing including: Minimum participation; benefit limits; coverage; top heavy determination and required minimum benefit; deduction limits
- Review and update participant vesting and prepare participant benefit statements
- Calculate and certify the plan Adjusted Funding Target Attainment Percentage
- Prepare Tax Form 5500 with related schedules, including Schedule SB and participant notice
- Calculate contributions for self-employed individuals
- General nondiscrimination testing for cash balance plans and combination defined benefit and defined contribution plans
- Prepare annual Pension Benefit Guaranty Corp. premium filing forms
- Prepare comprehensive valuation booklet
- Actuarial computations for accounting requirements
- Actuarial cost impact studies for plan amendments, law changes and collective bargaining negotiations
- Calculate participant retirement and deferred vested benefits
- Calculate required minimum distributions
- Assist with benefit distributions to retired and terminated participants
- Tax Form 1099-R preparation
- Represent plan before IRS, DOL, and PBGC
- Coordinate requirements to close plan and distribute benefits
- Prepare actuarial analysis
- We offer a pre-approved document that may be used in most plan designs.
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.
a. $22,500 for 2023;
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 $7,500 catch up contribution.