Business Banking - Retirement Services
(Savings and Incentive Match Plan for Employees)
|What it is:||A retirement plan for small organizations (fewer than 100 employees) that allows employees to contribute on a pre-tax basis and requires the employer to make either matching contributions or a nonelective contribution for all eligible employees.|
|Maximum total plan contribution that the employer may deduct||$28,000 ($11,500 deferral plus $11,500 maximum match; $2,500 catch-up contribution and $2,500 matching contribution, if applicable: subject to percentage of pay chosen by the employer, but not greater than 3%)|
|Maximum annual allocation to participant’s account||$28,000|
|Maximum annual participant deferral (cannot exceed 100% of pay)||$11,500; catch-up contribution of $2,500 if age 50 or older|
|Required employer contribution||
1 Match may be reduced to as low as 1% for two of the five years.
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.