Retirement & IRA Services
One of the first steps in financially securing your future as well as your employees’ future is the establishment of a retirement plan. A secure retirement is important to each of us as individuals and can be critical to an employer in attracting and retaining valuable employees in the workforce.
Community Trust and Investment Company is ready to assist any size employer in either establishing a retirement plan or improving their existing plan(s). We have always believed that our clients should spend their time and expertise in doing what they are successful at doing – operating their businesses. Therefore‚ we are very much "hands on" with our employers assisting them with the retirement plan process to ensure that it is accomplished in a cost efficient and time efficient manner. We do not expect nor require that our clients be retirement specialists – we are.
We certainly understand that seldom, if ever, does one solution satisfy all needs. We feel this is certainly true of retirement plans. Our specialists will assist in creating and establishing the retirement plan that best matches the unique needs of you, your employees‚ and your company. As the individual who best comprehends your firm’s unique needs, your input along with our knowledge can create a retirement plan having the features, benefits‚ and flexibility best suited to your business. We will also ensure that you have the knowledge of features that can be altered and/or added to the plan as your business develops in its life cycle.
A Team Approach
A complete Client Service Team, knowledgeable and experienced in administering retirement plans, is available daily. Our personnel, who actually perform the day to day operations of the plans, are local and available to satisfy your needs. Depth in our retirement staff allows numerous team members to be familiar and knowledgeable with your company’s specific needs and accessible when assistance is needed.
Our Retirement Services
The services provided by our Client Service Team, from establishing the plan to daily administration, include but are not limited to:
Plan Installation
- Educating employers on the variety of plans available and their specific features
- Developing and implementing a timeline to establish the plan
- Collecting needed employee data
- Coordinating transfer of existing plan with prior service providers
Plan Document Package
- Assistance in designing plan
- Availability of an IRS pre-approved prototype document
- Generating administrative forms, required disclosures, and summary plan descriptions
- Assistance with IRS document submission, if needed
Customized Employee Meetings
- Emphasizing the valuable benefit provided by the employer
- Providing enrollment package including deferral and investment elections, beneficiary designations, etc
- Emphasizing the importance of retirement savings
- Educating on specific plan features
- Providing training on investment basics
- Reviewing specific fund information for available investment options
- Reviewing the access of plan information via a secure web site and/or a toll free telephone service
Investment Alternatives
- Participant Directed Plans
- Offering a broad, diversified selection of quality funds
- No load, no proprietary nor in-house funds
- Funds represent multiple, leading industry fund families
- Managed Portfolio Plans:
- Actively managing customized portfolios
- Individualizing an asset allocation to satisfy specific needs
Daily Administration
- Contribution processing
- Distribution processing lump sum or monthly, including tax reporting
- Participant directed investment changes
- Leading technology in accessing information via telephone (toll free) and website
- Day to day communication with employer and their representatives
- Informative and timely participant statements
Compliance Services
- Nondiscrimination testing
- Preparation of annual form 5500
On-going Communications
- Meetings are conducted routinely to receive employer’s input, review investments and plan operations, discuss current regulatory changes, and provide suggestions on plan enhancements
Quick LInks
- Investment Approach
- Trust & Estate
- Retirement & IRA
- Community Trust Financial Services Brokerage and Insurance Services
Qualified retirement plans
typically offered include:
401(k) Plans
- The most popular retirement plan offered today. This plan enables employees to save for retirement by making pre-tax contributions from their salary. Employers may also deposit various types of contributions to this plan to aid in their employees’ retirement. It may offer participants a variety of diverse mutual funds or it may be managed by our professional investment team.
Profit Sharing Plans
- This plan satisfies employers’ goals that desire to provide retirement savings for their employees while still maintaining a great deal of flexibility in the levels of contributions. Typically, these plans consist of employer-provided contributions.
Money Purchase Plans
- This plan satisfies employer’s goals that desire to provide retirement savings for their employees and are comfortable committing to a fixed level of contributions annually. Typically, these plans consist of only employer-provided contributions.
Defined Benefit Plans
- This plan typically provides a monthly benefit to employees during retirement years based upon a fixed formula in the plan. Employees do not contribute to this type of plan and the employer contributions are mandatory.
In addition to qualified retirement plans, we also service:
Rollover IRA’s
- This account permits the continued treatment of tax deferred retirement money. Therefore, if a change in employment or early/planned retirement has occurred, this account is a very effective way for your retirement savings to continue its tax deferred growth. The investments of this account may be directed by you the account owner or our investment professionals can individually tailor an investment portfolio for your specific risks and objectives.