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Investments through the Trust and Investment Services Department are not FDIC insured. Due to their nature, they may lose value and are not guaranteed by First Bank Richmond.
For businesses wanting to provide a defined contribution plan for their employees. This type of plan allows employees to set aside tax-deferred income for retirement purposes.
We will design and manage your plan, educate your employees, and provide regular reports. You’ll have a wide variety of investment options, a local contact at First Bank, and online access to view your portfolio and make changes.
Did you receive a lump-sum distribution from a pension or profit-sharing plan, or do you have substantial IRA accounts elsewhere? We have two IRA options to consolidate and maximize your money.
Fully-managed IRA – You set the goals, we build and manage your portfolio.
Self-directed IRA – We act as trustee, you make all the decisions.
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-Team Member, Position
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-Team Member, Position
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-Team Member, Position
Most importantly, it shows you care about their future. These types of benefits are especially important to millennials. Most companies already provide a 401(k) benefit, so you’ll be competing with these companies for good talent. Research shows that employees tend to stay longer if their company offers retirement benefits. And it will save you money on your taxes. You can deduct your employer contribution to your team’s 401(k). For small businesses with less than 100 employees, there is an additional credit for the first three years to offset the cost of administration fees.
Yes, this is known as a trustee-to-trustee 401k rollover. All you have to do is request the distribution 401k rollover forms from your old employer. Once your former employer has given them to you then you can transfer your 401k to an IRA. There are no penalties for a trustee-to-trustee transfer. If the former employee sends the funds to you directly then there will be a deduction and 20% will be remitted to the IRS.