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A profit sharing plan is an employer-sponsored retirement plan that is funded by the employer for the benefit of the employer and the employees. The main advantage to this type of plan is that the employer has the choice each year whether or not to make a contribution to the plan. There is not a required contribution each year. With changes made due to the 2002 retirement legislation, the employer may contribute up to 25% of compensation to the plan.
Profit sharing plans provide more flexibility in making contributions than money purchase plans and retain most of the benefits. Profit sharing plans are an excellent means for retirement savings and beneficial tax deductions for business owners.
Fremont National Bank & Trust Company offers flexible and affordable retirement programs to meet the needs of most employers. Among the features are:
- Retirement Gold Participant Account Internet Access and Voice Response.
- Variety of investment options - See more information under Investment Management
- Daily valuation of Participant Accounts.
- "Turnkey" administration.
- Competitive pricing.
To learn more about how profit sharing plans, Contact Us for a no charge, no obligation meeting. Put your dollars to work for you and your employees.
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