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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