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Employer Retirement Plans

Benefit from real solutions and real expertise.

Simsbury Bank retirement specialists stand ready to work with you to tailor a comprehensive plan to help you achieve your personal retirement goals, as well as help your employees achieve theirs.

Choose from the following range of solutions from well-known companies through LPL Financial and its affiliates1:

QRP (Keogh)

Profit-sharing plan for small businesses that offers greater flexibility in choosing the percentage of income to contribute each year.

  • Deduct contributions for yourself and your employees from your company's federal income tax
  • No required annual contribution
  • No minimum initial investment

Simple IRA

Like a 401(k) and for small businesses with less than 100 employees looking for an easy way to provide a tax-deferred retirement plan to their employees.

  • Easy to set up, cost-effective and less complicated tax fillings
  • Employer match contributions may be tax deductible
  • Over 13,000 investment options including mutual funds, stocks, bonds and exchange-traded funds (ETFs)
  • Two employer contribution options:
    • Match employee salary contributions up to 3% of compensation. This can be reduced to 1% in any two out of five years.
    • Make a non-elective contribution of 2% of compensation for all eligible employees (including those who decide not to contribute for themselves), regardless of whether the participant contributes
  • No minimum initial investment

SEP IRA

Also similar to a 401(k) and for small businesses with few employees looking who want flexibility in the amounts they contribute annually and want a simple, easy-to-administer, low-cost plan with no complicated tax filings.

  • Deduct contributions for yourself and your employees from your company's federal income tax
  • Easy to set up, cost effective and less complicated tax fillings
  • Funded solely by employer contributions
  • Contribute up to 25% of compensation

401(k) and 403(b)

Employer-sponsored retirement plans offer you, as the employer:

  • Tax credits and other federal government incentives
  • The ability to recruit and retain dedicated employees
  • The ability to help your employees plan for their future and save for retirement
401(k)

Any size business can establish a 401 (k) plan, which can provide your business with the potential for significant tax advantages.  Employer contributions are deductible from the company’s income. 

403(b)

A 403(b) plan is a tax-deferred retirement plan that can be established by public education organizations such as primary and secondary schools, state colleges and universities and junior colleges and by non-profit organizations such as hospitals, religious organizations, charitable institutions and social welfare agencies.

Buy/Sell Agreement Funded with Life Insurance

Either a company or an individual co-owner (policy owner) can purchase life insurance policies on the lives of each co-owner to ensure that in the event of a co-owner’s death, the policy owner receives the death benefits from the life insurance policy on the other co-owner’s life. Such an arrangement helps ensure the continuity of your business by creating a lump sum to fund the buy-sell agreement. Proper planning can help maximize financial return and minimize tax liabilities in the transition of the business.

Money Purchase Program

A Money Purchase Pension Plan, also known as a defined contribution plan, is a retirement plan where the employer is required to make contributions to the plan each year on behalf of the plan participants based on a fixed percentage of compensation. These contributions are required every year and are a deductible business expense. Employer contributions depend on the profitability of the company, which give employees incentive to make the business profitable.

1The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: Connecticut, Arizona, California, Florida, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, Texas, Virginia, Washington.

Securities, advisory services and insurance products offered through LPL Financial and its affiliates, a registered investment advisor, Member FINRA/SIPC.

Not FDIC insured. No bank guarantee. May lose value. Not a deposit. Not insured by any federal government agency.

Simsbury Bank and SBT Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.

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