401(K) Administration

For those businesses that want to offer a defined contribution plan to their employees. This plan allows employees to set aside tax-deferred income for retirement purposes. First Bank provides the following features and benefits:

• A wide variety of investment options
• We can design a start-up plan or take over an existing plan.
• We educate employees and employers on investment options and plan administration.
• Plan is administered by Pentegra, with over 60 years of experience administering retirement plans
• Funds are indexed, used for the investments, which means a low-cost investment option
• Online access to view portfolio and make changes
• Local contact at First Bank
• First Bank serves as trustee
• Regular reports to employer

IRA Rollovers

We offer IRA Rollovers to those who have received a lump-sum distribution from a pension or profit sharing plan or who have substantial IRA accounts at other institutions. You may choose between two types of IRA Rollovers with First Bank:

• A fully-managed IRA Rollover in which we carefully select a mix of stocks and bonds designed to meet your growth and income objectives while remaining consistent with the risk parameters that you specify. Your IRA portfolio is individually structured to achieve your objectives. Whether to maximize current income or to invest for growth, an IRA account is ideal for those individuals looking to preserve purchasing power through portfolio growth.
• A self-directed IRA account is best for those who are comfortable in making their own investment decisions. First Bank Richmond acts as trustee while you make all of the investment decisions.

With our IRA Rollovers you choose from a variety of comprehensive investment vehicles which include Certificates of Deposit, Stocks, Bonds, US Government Issues, and Mutual Funds.

Investment Risk Tolerance Questionnaire

The purpose of the Risk Tolerance Questionnaire is to gather information from you to determine the type of investment best suited for you based upon the degree to which you desire to guard against or take investment risk.