Employer Sponsored Plans

Employer Sponsored Plans

You would like to be able to provide your employees with a sensible and practical retirement plan. But you’re busy running a business – the last thing you need is more paperwork and government regulations to worry about.

The Trust Department of First State Bank & Trust can help. We have years of experience in dealing with retirement plans, access to new rulings as they appear, and the technology and expertise to simplify the process for you.

If you are interested, please contact our Trust Department to get one established today.

Please note that Investments and Advisory Services are: 

Not FDIC Insured | Not Bank Guaranteed | Not a Deposit | Not Insured by any other Federal Government Agency | May Lose Value


Pension Plan

A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit. The pool of funds is then invested on the employee's behalf, allowing the employee to receive benefits upon retirement.

Profit Sharing Plan

A profit sharing plan is a type of plan that gives employers flexibility in designing key features. It allows the employer to choose how much to contribute to the plan (out of profits or otherwise) each year, including making no contribution for a year. The amount allocated to each individual participant account is usually based on the salary level of the participant (employee).

401(k) Plan

A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account.

In most 401(k) plans, the employer will make a matching contribution, which can be determined at plan set up. Matching contributions from the employer tend to encourage participation in the plan.

Benefits of a 401(k) Plan

  • Attract & retain quality employees
  • Employees can accumulate a potentially sizable retirement account from contributions and return on investments
  • Compounded earnings are tax-deferred
  • Allow two types of contributions; pre-tax and Roth contributions
  • All contributions made on behalf of employees are tax-deductible expenses for the company

First State Bank & Trust 401(k) Services

Employee benefit plans can be complex.  The tax law sets forth numerous rules, regulations, and requirements with which all retirement plans must comply.  We can substantially ease the burdens of compliance with the Revenue Code's requirements.

As trustee of your 401(k) plan, we will:

  • Provide the IRS-approved plan documents
  • Ensure that your company's plan complies with all ERISA and DOL requirements
  • Hold and invest plan assets pursuant to the investment program we have established with you
  • Collect all plan investment income and make all benefit payments
  • Maintain all records regarding the plan's assets
  • Undertake government reporting and make required disclosure to participants