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Services range from fiduciary risk management to investment menus
Offering retirement benefits to company employees comes with a wide range of responsibilities. At First American Bank, we provide the fiduciary guidance you need as we help you to develop and implement prudent policies and procedures to manage these responsibilities.
- If desired, First American Bank will be appointed as plan Trustee. First American Bank, as Trustee, is authorized to employ all of the powers and exercise all of the obligations that are stated in the Plan or separate Trust Agreement.
- This includes all functions associated with discretionary investment powers, investment duties, and trust administration.
- Our full range of Qualified Retirement Plan services includes: investment consulting and advice; fiduciary assistance; provider oversight; fee benchmarking; plan design consulting; and participant education.
- Our Retirement Plan professionals, consultants and investment advisors assist your company with the construction of retirement plan investment menus, collaborate on a plan design to meet current organization needs and objectives, and manage the complexities of your plan.
- We act as a 3(21) or 3(38) Investment Co-Fiduciary to guide you through the selection, implementation and monitoring process to help you meet your fiduciary obligations.
- We will assist in the review and selection of Qualified Default Investment Alternatives for your plan.
- First American Bank will assist you with your ongoing duty to review your current plan providers, collaborate with alternative provider searches, provide transition assistance and help document the process.
- First American Bank offers a broad range of funds for employee benefit plans, including approved mutual funds, Collective Trust Funds, and Target-Risk model portfolios to help you meet the requirements of ERISA Section 404(c).
- Participant investment options are evaluated on an ongoing basis. When prudent to do so, based on the Plan’s investment policy, we will vet and recommend alternatives.
Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by Any Government Agency | Not a Bank Deposit
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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.