Retirement Plan Services
Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.
Attract and retain top employees with the right retirement options. Select from a variety of plans to help your employees plan for the future.
Get more information about our retirement plan options:
A retirement plan that accepts employee contributions, and oftentimes matches them, 401(k) plans come in many shapes and sizes. Traditional, tax-deferred 401(k) contributions are made before income taxes are applied, and earnings and contributions are not taxable until they are withdrawn. Roth 401(k) contributions are made with after-tax dollars, but withdrawals, including earnings, are tax-free if certain conditions are met.
A popular version of traditional 401(k) plans, Safe Harbor Plans reduce IRS non-discrimination testing limitations while allowing business owners to maximize contributions to their own 401(k) plans.
Designed for employees of nonprofit and educational organizations, traditional, tax-deferred 403(b) contributions are made before income taxes are applied, and earnings and contributions are not taxable until they are withdrawn. Roth 403(b) contributions are made with after-tax dollars, but withdrawals, including earnings, are tax-free if certain conditions are met.
Profit sharing plans are defined contribution plans that allow employers to give employees a portion of the company’s pre-tax profits.
Defined benefit plans guarantee employees a set monthly payment at retirement. The amount employees receive is based on factors like years with the company, age at retirement and salary.
Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.
