Experienced experts make sure your plan runs efficiently
At First American Bank, we design and administer retirement plans for privately held businesses, non-profit organizations and local governmental bodies. Our Retirement Plan Services Group leaders average nearly 20 years of industry experience. This depth of knowledge ensures expert management of Defined Contribution and Defined Benefit Plans, Employee Stock Ownership Plans, Non-Qualified Plans, and other types of retirement plans.
- Design retirement plans that offer your business or organization the most cost-effective solutions utilizing flexible service and pricing models
- Present plans to employees using web-based approaches or on-site visits
- Offer consulting services and compliance-related expertise
- Provide record-keeping, administration and investment fund management services
First American Bank retirement plan professionals have obtained some of the highest recognized industry designations. They include:
- Certified Public Accountant (CPA)
- Qualified Pension Administrator (QPA)
- Qualified 401(k) Administrator (QKA)
- Enrolled Actuary (EA)
- Enrolled Retirement Plan Agent (ERPA)
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.
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.