Business Retirement Plans

Since 1934, First American Bank has been working hard to give our customers an outstanding banking experience. And for almost a half-century, we’ve been providing businesses with retirement plan strategies that address current needs and guide them through industry changes.

Let us help you get the most out of your retirement plan for yourself, as plan sponsor and fiduciary, and for your employees. We will help provide a retirement plan audit to benchmark your current plan design, investments, fees and expenses to your peer group at no charge.

Customized Plan Design

Taking the time to understand your business sets us apart from other service providers. We take ownership of customer results and provide high-touch customer service with dedicated and live support to all plan sponsors and participants. We take the time needed to understand your business, provide multiple plan design scenarios, and recommend the strategy that is considered most suitable for your business’ needs — with no additional cost.

Fiduciary Protection

As plan sponsor and fiduciary of your retirement plan, you are responsible for making decisions in the best interest of your plan participants and can be personally liable for alleged errors, omissions, or breach of your fiduciary duty.

First American Bank can provide full discretionary trustee services. Our services include plan document and investment oversight, administrative support, and more. We partner with a §3(38) investment manager that shifts the liability of the selection, monitoring, and replacement of the plan investments from the plan sponsor to the §3(38) investment manager.

Investment Resources

At First American Bank, we can also act as a §3(21) investment manager and make the investment selection process easy and convenient for you. We work with you to choose the investment platform and the investment management style that best fits you and your participants' needs. We have access to investment platforms covering all major asset classifications and styles, allowing participants to create a diversified portfolio.

Pricing Advantages

It is important to know how your current plan compares to others in the industry. First American Bank helps you compare your current plan costs with alternate plans or strategies so you can make informed decisions. We take a proactive approach regarding fees and help ensure full disclosure.

Effective Communication

At First American Bank, we believe that with help, employees can prepare themselves for retirement, and that it is in the best interest of the sponsors to help their employees do so. We believe financial education is a critical part of overall financial wellness.Employees want education they may use thus more fully engaging them with their plans. Our high-touch approach has been shown to 1) raise employee participation rates, 2) increase contribution rates, and 3) help improve financial wellness.