The Experience & Products to Meet Your Retirement Plan Needs
Do you own your own business? Would you like to set up a retirement and/or savings plan for you and your employees? American National Bank & Trust can help.
Whether your business has a small number of employees or thousands, we have the experience and the products to meet your retirement plan needs.
A quality tax-deferred retirement plan is one of the best tax-advantaged methods of saving. Your well-designed retirement plan combines tax advantages to you and your business with retirement planning benefits for your employees.
American National Bank & Trust assists plan sponsors in all facets of designing and maintaining employer-sponsored retirement plans including start-up and conversion, on-going record-keeping and employee communications. We offer custodial, trustee and investment management services for all of our Employee Benefit Plans.
We can help you assess the goals and objectives of your company, analyze costs and expenses, and provide plan options that will meet your company’s needs. Then you can decide what type of plan is best for your particular situation. When it’s time for your business to consider a retirement plan, call upon our experienced retirement planning specialists to help you achieve your long-term retirement objectives.
Retirement Plan Options
Click on any option below to learn more
401(k) Plan
401(k) Plans are one of the most popular and effective retirement plans in use today. By offering a tax-advantaged retirement plan such as a 401(k) plan to your employees, you are providing a valuable benefit that may help you retain quality employees.
Under a 401(k) plan, participants can elect to receive part of their compensation as a contribution to a retirement plan. Most 401(k) plans today allow for salary reduction arrangements, in which contributions are directly deposited into the 401(k) plan.
These types of retirement plans offer significant tax benefits to participants, since contributions are treated for income tax purposes as employer contributions and therefore are not included as reportable income.
Employee contributions to a 401(k) are always 100 percent vested, which means that the employee will not lose the benefit if he or she terminates employment. However, employee contributions to a 401(k) plan cannot be distributed without penalty until the employee retires, becomes disabled, dies, or reaches age 59½.
Profit Sharing Plan
A Profit Sharing Plan is a defined contribution plan that allows an employer to have complete discretion in regards to the contributions to the plan.
Participant contributions to the plan are invested and accumulate tax free until distribution to the participants or their beneficiaries upon retirement or occurrence of some other specified event.
Contributions to a profit sharing plan need not be based on profits. In fact, most profit sharing plans have discretionary formulas that permit the employer to reduce or skip contributions in any given year.
Employee Stock Ownership Olans (ESOP)
An ESOP is a defined contribution plan that invests primarily in employer securities. The funds are used to buy employer securities from stockholders or from the sponsoring company.
When a participant retires, dies, or terminates employment, the participant receives his or her benefits in the form of cash or employer securities. A participant generally can demand that he or she receive a distribution of employer securities unless specific requirements to the contrary are specified in the plan agreement.
ESOPs offer two considerable benefits to the owners of a closely held company: (1) providing a market for the owner’s closely held stock and (2) keeping the company’s stock in friendly hands in the event of a hostile takeover.
Benefits
- Defer income tax on contributions
- Reduction of federal income taxes
- Professional investment management
- Wide array of investment options
- On-going employee education
- Quality participant accounting
- Timely plan reporting