Retirement Plan Trust Services
Employer Sponsored Plans
The decision to implement a retirement program is a major step for any business. The benefits package a company offers is often a determining factor in attracting and retaining qualified and motivated employees. Regardless of the size of your company, Trust Services of First Financial Bank has the experience and the resources necessary to find the program that works for you and your employees.
Simplified Employee Pension Plan (SEP)
Individual retirement accounts with higher contribution limits. Allows employer to maintain a retirement program with a minimum of paperwork and regulatory compliance. Sponsored/established by employer.
Savings Incentive Match Plans for Employees (SIMPLE)
Retirement savings instrument for small employers, allowing for salary reduction contributions by employees with little administrative paperwork and without the complex rules of 401(k) plans.
Money Purchase Pension Plan
Fixed employer contribution, usually a percentage of employee’s wages. Employee benefit is the accumulation of contributions and investment earnings less expenses.
Employer’s contribution is usually discretionary with limits set by IRS. Typically the most flexible plan for the employer.
Defined Benefit Pension Plan
A plan in which the employee is provided a determinable benefit, usually based on the employee’s service and/or pay. Employer’s cost is whatever is necessary to provide the specified benefit.
Profit-sharing plan allowing employees to make tax-deferred contributions. Employer may match employees’ contributions within limits, in addition to making a profit-sharing contribution.
There are three primary components to any retirement program to be considered:
As trustee, we work in partnership with you to provide services for your plan and your employees.
As trustee, First Trust Services will provide the following:
Safekeeping of securities
Income and dividend collection
Daily reinvestment of available cash in money market fund
Comprehensive plan accounting on quarterly basis
State-of-the-art daily valuation and internet access
Certified annual reports
Fiduciary oversight and regulatory compliance
We offer the full range of IRS prototype plan documents which reduces the start-up costs associated with retirement programs. When a prototype document from Trust Services is adopted, we automatically provide updates to your document as laws change.
Investment Management Services
The responsibility for the investment of the assets of any retirement program established can be delegated to the investment management professionals of First Financial Trust Services. We will work with you to establish an investment policy based on your plan and objectives.
We want you to know that investment products provided by Trust Services of First Financial Bank:
• Are not a deposit
• Are not FDIC insured
• Are not insured by any federal government agency or the bank
• May lose value