Retirement Services

Defined Benefit Plans

With the attractiveness of benefits being defined in advance for eligible employees, this tax-deferred company retirement plan places the investment risk on the employer.

Advantages
  • Annual benefit at retirement can be as high as 100% of highest three-year-average pay, up to $220,000
  • Provides guaranteed annuity payments for life
Eligibility
  • All taxable businesses, government entities and tax-exempt organizations may establish a Defined Benefit Plan
  • Any employee with 1,000 hours of service within one year and who is age 21 or older must be covered; exclusions are permitted for certain employees
Maximum total plan contribution that the employer may deduct

Contribution is limited to amount necessary to fund future benefits (maximum eligible pay per participant is $275,000)

Maximum annual allocation to participant’s account

No individual accounts

Maximum annual participant deferral (cannot exceed 100% of pay)

No participant contributions allowed

Required employer contribution

Contributions based on anticipated payouts during retirement and actuarial assumptions

 

Drop in one of our branch locations or call our One Call Center at (800) 827-4522 for more information or to open an account.


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.

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