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Learn MoreInformational sessions are tailored to your workforce
At First American Bank, we do more than administer company retirement plans and assist in the selection of employee investment options. We also explain the details and benefits to your workforce. Our representatives can arrange a customized presentation, complete with user-friendly handouts, that will help your employees feel more confident about their financial future.- Employee meetings will be scheduled at times and locations designed to reach the greatest attendance.
- We will travel outside the Greater Chicago area or arrange employee meetings via phone conferencing or a virtual meeting.
- We provide attractive, easy-to-follow holistic education/enrollment materials that are designed to be effective in increasing employee participation and engagement.
- Presentation and print materials are available in Spanish (other foreign language options are available).
- We offer a customized, user-friendly Summary Plan Description (SPD) to each employee at the initial enrollment meeting as well as an electronic copy to use for new hires.
Disclosures
Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by Any Government Agency | Not a Bank Deposit
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.
