Options include 401(k) plans, pensions, profit-sharing and more
No two companies or organizations have the same goals or demographics, so it's important that your retirement plan reflects your individual needs. At First American Bank, we analyze information about your workforce and explore your overall goals. Then we'll create a plan that meets your current objectives and allows for future flexibility.
- Profit sharing plan
- 401(k) plan
- 403(b) plan
- Employee stock ownership plan
- Money purchase pension plan
- Defined benefit pension plan
- Cash balance plan
- Nonqualified deferred compensation plan
- Simplified Employee Pension Plan IRA or Savings Incentive Match Plan for Employees IRA
- Cafeteria plan
- After finalizing the design, we will prepare your plan documents for review by your legal counsel.
- Our legal department maintains up-to-date versions of all types of plans in the following formats: pre-approved plans (e.g., Volume Submitter) and individually designed plans.
- As appropriate, First American Bank will also prepare government filings, including securing approval from the Internal Revenue Service on the initial qualification of the plan.
- We draft summary plan descriptions, enrollment documents and required participant notifications to ensure clear understanding.
- We also hold enrollment meetings, when desired, to explain the concept and benefits of the plan.
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.