Establishing a 401(k) retirement plan can benefit both
employees and employers alike.
Employees benefit from the ability to make pre-tax
contributions, potential income tax savings, increased savings
with employer-matched contributions, and more.
As a business owner, not only are you helping your employees
save for retirement, a 401(k) may have a favorable impact
on your bottom line. In addition to offering a benefit that
can increase employee retention, an employer-matched
contribution plan allows the employer to take a tax deduction
on the dollars matched, lowering the company’s overall tax
bill. Furthermore, the compounding of interest, dividends,
and capital gains allows your account to generate earnings on
top of earnings.
Now, establishing such a plan is easier than ever. Utilizing key
partners and technology, we are able to offer small to midsized
companies a simple, single-fee, customizable 401(k)
plan.
Our 401(k) Micro Model will provide you with:
High Quality Investment Choices
- A dedicated, unbiased investment team designed to source
high quality investment choices
- A careful, ongoing monitoring process that reviews every
fund’s performance and expenses to ensure maximum value
- A two-tiered menu of investment choices for you and your
employees
Consultation, Implementation & Administration of the plan
- Consultation on plan design and procedures
- Provide and assist with key plan documents and regulatory
reporting
- Assist with ERISA Fidelity bond, & ERISA Section 404(c)
compliance
- Documentation of the fiduciary decision making and review
process
- Third party administrator and record keeper service
included
Plan Participant Education
- Provide annual employee investment education and
retirement planning meetings
- Demonstrate website and online education materials
- Meet with your management team to discuss any new
developments or employee feedback
- Fully electronic access for plan sponsor and participants,
including participant mobile access
Fiduciary Guidance & Consultation
- Providing ongoing oversight and consultation on plan
administration
- Creation and execution of a plan specific investment policy
statement
- Offering 3(38) Fiduciary Service for the selection, monitoring
and due diligence of the plan’s investment choices
- Efficient and accurate plan reporting that includes; fee
disclosures, plan expenses and performance
If you are considering offering a retirement plan to your employees,
please give us a call at (585) 419-0670.
This material is provided for general information purposes only. Investments and insurance products are not FDIC insured, not bank deposits, not obligations of, or guaranteed by Canandaigua National Bank & Trust or any of its affiliates. Investments are subject to investment risks, including possible loss of principal amount invested. Past performance is not indicative of future investment results. Before making any investment decision, please consult your legal, tax or financial advisor. Investments and services may be offered through affiliate companies.
Tax information presented is not to be considered as tax advice and cannot be used for the purpose of avoiding tax penalties. Canandaigua National Bank & Trust does not provide tax, legal, or accounting advice. Please consult your personal tax advisor, attorney, or accountant for advice on these matters.