Informational sessions are tailored to your workforceAt 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.
- 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.
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.