Financial freedom in the future takes planning today
Business leaders know the importance of providing employees with benefits. At First American Bank, we partner with you on the development of which benefits best suit your needs. Our representatives will work directly with you and your employees, whether it's to open HSAs, FSAs, HRAs or QTAs to pay for future medical care or to offer them valuable insight on retirement planning and long-term investment strategies. We're experts at helping our business customers in Wisconsin, Illinois and Florida.
Employee Benefit Options
The Health Account Services suite of health and benefits accounts allows you to offer flexibility to your benefits package and provide cost- and tax-saving resources to your employees. As a preferred CDH benefit account provider, we help employers of all sizes through our enrollment assistance, educational materials and more for you and your employees. We are here to be your trusted advisor and add value to your employee benefits plan design.
- Full suite of CDH solutions, including HSA, FSA, HRA, and QTA
- Nationwide electronic and on-site enrollment assistance
- Dedicated Health Account Services Support Team
- Educational materials to drive enrollment and participation
Personnel is very attentive. They greet you as soon as you enter the bank. They are always willing to answer any question in regards to their products and services.Share Your Story
They know their clients and it's always great to walk in and be greeted. First American is a great bank with many locations; I highly recommend them.Share Your Story
However, if you are still working, you are not required to begin RMDs from your employer sponsored plan until April 1 of the year following the year in which you terminate employment. This exception does not apply if you own more than 5% of the employer, nor does it apply to IRAs.
Special Note: For 2020 the CARES Act temporarily suspended the RMD requirements from IRAs and qualified retirement plans provided the employer sponsoring the plan adopts the CARES Act provisions. Check with the sponsor of your retirement plan to confirm if you must take an RMD for 2020.
a. $19,500 for 2021;
b. the maximum deferral amount allowed under the terms of the plan; or
c. the amount that allows the plan to meet the required nondiscrimination tests.
In addition, if you attain age 50 or older by December 31, you may defer an additional $6,500 catch up contribution.