First American’s success stories are a result of our commitment to working with every company on an individual basis, as well as each company’s commitment to achieving their goals. The following are our favorite examples:
Defined Benefit Plan Success Stories:
HPL&S, now known as the Retirement Plan Services Group of First American Bank, assisted this client with the establishment of a traditional defined benefit plan. He had a successful sole proprietorship business and met with us at age 49. His goal was to accumulate assets to retire before age 62. We designed a qualified defined benefit plan with maximum benefits. The annual contributions saved him hundreds of thousands of dollars in taxes during the life of the plan and allowed him to accumulate approximately $2.3 million for retirement. He rolled the lump sum distribution into an Individual Retirement Account for additional tax deferred savings.
In 1989, we assumed administration responsibility for a defined benefit plan sponsored by a local Chicago business. We assisted this client with the transition of ownership from the current owner to his children. We completed the work to close the defined benefit plan, which was designed to provide enhanced retirement assets for the original owner, and designed a successor defined contribution 401(k)/profit sharing plan to provide retirement benefits to the second generation of ownership. The defined benefit plan terminated with 52 participants. The successor defined contribution plan has grown to provide benefits for more than 110 participants and has accumulated more than $10.5 million in assets.
|Not FDIC Insured||Not Bank Guaranteed||May Lose Value|
|Not Guaranteed by any Government Agency||Not a Bank Deposit|