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Retirement Plan Solutions
There is no "one best plan" for every business. With
a choice of plan types, one can be "customized" for your
business. We can offer you an affordable plan that takes into consideration
the unique needs of your business, your employees and your own objectives
for retirement.
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Depending upon the size of your business and the number of employees
who choose to participate; owners and key employees may be able
to put more into a plan for themselves than they could in a traditional
401(k) plan. We also offer plans where contributions are made on
a discretionary basis. This is very important for those businesses
where profits fluctuate from year-to-year. It allows the business
owner the flexibility of funding the plan only in years where there
is money available for a contribution.
Similarities in the Plans
Contributions to the plans are tax-deductible to the business.
The contributions and earnings on the accounts are not currently
taxed to the participants. If you wish, employees can choose and
manage the investments in their own accounts. Account information
is provided through regular statements and through the internet
depending on the type of plan you select.
Benefits of Our Retirement Plans
Your retirement plan must accomplish many tasks, and provide you
and your employees with all the benefits that you deserve.
- Plan Sponsors: Our professionals provide ongoing, proactive
advice. 1st Source makes administering your company's plan convenient
and easy. We take care of the day to day recordkeeping, and provide
you with timely and accurate information. We will also provide
you with the ongoing education and enrollment of eligible employees.
1st Source, as your fiduciary partner, will serve as trustee to your plan.
- Plan Participants: Employees can track their investments
through our easy-to-read participant statements, and manage their
account daily either by phone or on the Internet. A toll-free
line is also available for additional information from one of
our experienced representatives.
Retirement Plans offered are not:
- Deposits or obligations of the Financial Institution
- Protected by the Federal Deposit Insurance Corporation (FDIC)
or any other agency or instrumentality of the federal government
- Guaranteed by the Financial Institution
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