Online Banking Maintenance
Online banking will be down on Saturday from 1-2am
401(k), 403(b), and Other Qualified Retirement Plans
In today’s competitive marketplace, business owners and employers need to attract and retain talented employees. How do you accomplish that? By implementing a strong employee benefit plan with the help of our Trust Department. We can help your business with the right retirement plan solutions including 401(k), 403(b), Profit Sharing and Employee Stock Ownership Plan (ESOP).
Working With Employers to Create or Convert a Retirement Plan
Our services are two-fold. First, we provide guidance and resources to help employees maximize their retirement savings. Second, we provide guidance and resources to help your business thrive by offering great retirement benefits that attract and retain employees.
How We Serve You
In addition to the personalized service you can expect from Merchants Bank, additional hallmarks of our administrative services provided to retirement plans include:
Guidance and Resources for Employees – Helping Employees Maximize Retirement Savings
- Guidance “to and through” retirement including one-on-one meetings with our Trust Team to build and manage savings
- Broad-based employee education with a focus on retirement readiness and financial wellness
- Clear and easy to understand investment options
- Tools to guide employees through enrollment, investment elections, and retirement planning
- Website access for account information, statements, and video education
- Mobile device application for convenient access
Guidance and Resources for Employers – Helping Employers Offer Great Retirement Benefits
- Individualized meetings with management and our Trust team
- Promotion and management of your retirement plan
- Exclusive website for employers and plan sponsors to submit files and access reports, forms, and participant data
- Plan benchmarking and best practices consultation
- Eligibility tracking and reporting service
- Fiduciary support to ensure your plan is compliant with laws and regulatory standards
- Management of all other qualified and non-qualified plans such as 403(b), ESOP, and plans for small businesses
- Fully transparent fee structure
Employee Stock Ownership Plan (ESOP)
We also have the capability to serve as your ESOP trustee and service provider. As a part of our plan offering, we provide the following:
- Trustee services
- Plan design consultation
- Employee engagement and education
- Comprehensive administrative services, to include allocation, record keeping, cashiering, and custody
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