Explore Our Employer Retirement Plans

We work with employers to set up a retirement plan that can meet everyone’s goals.

JCB’s Trust Department coordinates all services necessary to establish and maintain employee retirement plans. We work with employers to provide qualified retirement plans such as pension, profit sharing, 401(k) plans and SIMPLE IRAs. Investment alternatives are available to meet the needs of all participants (regardless of their age or retirement objective). JCB’s Trust Department coordinates all services necessary to establish and maintain employee retirement plans.

  • We work with employers to provide qualified retirement plans such as:
    • Simplified Employee Pension (SEP)
    • Profit sharing
    • 401(k) plans
    • SIMPLE IRAs
  • Investment alternatives are available to meet the needs of all participants (regardless of age or retirement objective)

Employer Sponsored Retirement Plans

Which One is Right for You?

Choosing the right retirement plan may be one of the most important business decisions you make. Ensuring that you select a plan that is affordable, administratively practical and compatible with your business objectives is your goal.

Simplified Employee Pension (SEP)

  • You have until your tax return due date plus extensions to establish and fund a SEP
  • Contributions for each eligible employee may not exceed 25% of each individual’s compensation, or in 2016, $53,000 if less
  • The employer’s deduction limit for contributions made may not exceed 25% of the aggregate compensation paid to eligible participants
  • Features administrative ease, no government reporting, is less restrictive of who participates, and need not be funded each year or at a specified level

Simple IRA Plan

  • Plan must be established by October 1 for a current plan year
  • Employer may choose either a matching contribution or a non-elective contribution method
  • Annual deferral limit is $12,500 for 2016. These deferrals can be a flat dollar amount or a percent of pay. Catch-up deferrals up to $3,000 are allowed for employees age 50 and over during 2016
  • Employer match, if chosen is up to 3 percent of pay. Non-elective contribution is 2 percent for all eligible employees
  • Employer’s deduction limit is the same as the contribution limit
  • This plan features administrative ease, no government reporting, it avoids complicated nondiscrimination testing
  • Does not limit eligibility or employee access to funds

Profit-Sharing Plan

  • Plan may be established up until the end of your tax year
  • You can delay funding the plan until your tax return due date plus extensions
  • Flexible contributions are determined each year
  • Contributions limit is 100% of compensation or $53,000 for 2016, whichever is less
  • Employer’s deduction is limited to 25% of gross compensation paid to all eligible participants for the year
  • Allows flexible funding, allows restrictive coverage and allows vesting schedules

401(k) Plan

  • Plan may be established up until the end of your tax year
  • Deferrals may only be made prospectively
  • Matching or other employer contributions may be made before employer’s tax return due date plus extensions
  • 401(k) component often added to profit-sharing plans
  • Contribution limit (employer and employee) is 100% of compensation, up to $53,000 for 2016
  • Employer’s deduction limit is 25% of gross compensation paid to eligible employees for the year
  • Deferral limit is $18,000 for 2016. Catch-up deferrals up to $6,000 are allowed for employees age 50 and over during 2016
  • This is a highly visible employee benefit, has flexible funding, allows restricted coverage and can include vesting schedules
 
Have You Considered?
  • Establishing a plan to maximize personal contributions to retain, attract and motivate quality employees?
  • Are revenues steady or run in cycles of high and low cash flows?
  • What costs in dollars and time are you willing to absorb?

    Trust Services Solutions & Resources

    Use these tools to learn more about JCB's retirement planning services.

    CONTACT A JCB TRUST OFFICER TODAY TO DISCUSS YOUR OPTIONS!

    Meet Your Trust Officers

    JCB's Trust Officers have the experience and knowledge to guide your financial decisions. Contact one of our Trust Officers to learn about our services.Select a photo for contact information.

    George F Spray

    George F. Spray, CTFA

    Vice President & Trust Officer

    jc bank 812-524-4436 800-204-6477 x 4436

    jc bank Email George

    George F. Spray, CTFA
    Brandon L Hunsley

    Brandon L. Hunsley, CTFA

    Assistant Vice President & Trust Officer

    jc bank 812-524-4411 800-204-6477 x 4411

    jc bank Email Brandon

    Brandon L. Hunsley, CTFA
    Ellen Macy

    Ellen Macy

    Assistant Vice President & Trust Officer

    jc bank 812-342-3228 800-204-6477 x 3228

    jc bank Email Ellen

    Ellen Macy