Tuesday, July 22, 2014
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Company Retirement Plans

Learn more about Trust Retirement Planning by clicking here.

Retirement plans offer tax benefits to employers and employees alike. These plans also offer employees a tangible incentive to increase the profitability of your company. The knowledge and experience of First Financial's retirement planning specialists are at your service to help you understand Profit Sharing Plans, Money Purchase Pension Plans, Defined Benefit Pension Plans, 401(k) Plans, Simplified Employee Pensions, and IRAs that benefit you and your employees.

Profit Sharing Plan

  • Contributions not required to be made every year (at discretion of employer)
  • Contributions may be made out of current revenue, regardless of whether the employer actually has profits
  • Contributions generally allocated to participants based upon compensation
  • Current tax deduction for contributions made to the plan
  • Provides identifiable incentive to employees to increase profitability

401(k) Plans

  • Employees elect to defer a percentage of their salary into the plan
  • Salary deferrals by employee are pre-tax
  • Employer contribution is discretionary, not required
  • Employer can elect to make matching contributions

Simplified Employee Pension Plan (SEP)

  • Contributions are made to employee’s IRA
  • Employer is entitled to a tax deduction for the amount of the contribution
  • Self-directed or managed by an investment officer within participant’s guidelines
  • Low administrative costs
  • Flexibility to adjust contribution levels on an annual basis

IRA Rollover

  • Taxes deferred on income produced by the lump sum
  • Taxes deferred until distributions begin
  • Governed by complex tax law, consultation of a tax advisor is encouraged
  • Flexibility of distribution
  • Can be self-directed or managed by investment officer within individual's guidelines
  • Tax deferral provides opportunity for individual to be in lower tax bracket at time of distribution
  • Professional management of investments

Learn more about Trust Retirement Planning by clicking here.

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