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Financial Services Designed to Meet Your Needs |
Retirement Plans
Saratoga National offers retirement plans for individuals and
businesses.
• Corporate and Non-Corporate Retirement
Plans
These plans are designed to meet a company’s specific needs,
whether it is to attract and retain valuable employees, maximize
income tax benefits, or to increase productivity.
- Profit-Sharing Plans: Contributions to the
plan are determined from year to year based on the company’s
financial results and benefits are generally paid at retirement
in the form of lump-sum distributions.
- 401(k) Plans: A 401(k) plan allows employees
to defer a portion of their salaries on a pre-tax basis. Employers
can encourage greater employee participation by offering a company
match of employee salary deferral up to certain limits.
- Employee Stock Ownership Plans: Employers
can contribute company stock as the retirement plan for employees.
Giving employees part ownership in the company in this way encourages
them to increase productivity and profits and builds employee
loyalty.
- Traditional Pension Plans: These plans include
Defined Benefit Plans, where benefits are usually determined by
a combination of age and compensation, and Money Purchase Pension
Plans, where employer contributions are a specific percentage
of eligible participants’ compensation.
• Personal Retirement Plans
Today, more of the planning and saving for retirement is falling
on individuals instead of employers. Effective management of these
retirement assets is essential in order to achieve retirement
goals.
- Individual Retirement Accounts: IRAs offer
a tax-deferred way to save for retirement. Whether it is a Traditional,
Roth, Educational or Floating IRA, Saratoga National Bank &
Trust Company can help you determine which one is right for you.
- Keogh Plans: These plans are established
by individuals who are self-employed, own all or part of an unincorporated
business or have some side income from self-employment. They offer
many of the same features as IRAs.
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