First Banking Center can assist you in planning, designing, and administering your retirement program. We work closely with you to understand your philosophy of retirement benefits and then structure a program that meets the needs of both your organization and your employees. A strong benefits package is a key in recruiting and retaining qualified employees. First Banking Center offers a benefit plan suited for your business.

SEP IRA
This plan is designed for self-employed individuals and small businesses looking to offer a retirement plan with minimal IRS filing requirements and paperwork. This is an employer-funded plan. The employer has the flexibility to decide if a contribution will or will not be made each year.

SIMPLE IRA
This plan is specifically designed for businesses with fewer than 100 employees. This plan offers employees an opportunity to contribute money on a tax-deferred basis. The employer is required to make a matching or non-elective contribution each year. A Simple IRA is easy to set up, has minimal administrative costs, and few regulatory reporting requirements.

Profit Sharing
This retirement plan is funded solely by the employer. The employer has the flexibility to determine the amount of contribution each year. These contributions are 100% deductible by the employer.

Profit Sharing 401(k) Plan
This plan offers the employees the opportunity to save for retirement on a pre-tax basis. The employer has the flexibility of offering a match and/or discretionary profit sharing contribution, which would provide significant tax-deduction for the employer. This plan is a low-cost means of providing visible and appreciated retirement benefits to employees.