Retirement Plan Services Overview
Everything you need to offer an important employee benefit
From all perspectives
Our publications and emails target both consumers and plan administrators.
Learn MoreExperienced wealth experts make sure your retirement 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, Profit Sharing 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 retirement 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
Areas of Expertise
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)
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.
