403(b)

Your Benefits

A 403(b) Plan is a defined contribution plan described under 403(b) of the Internal Revenue Code. These retirement plans are established for certain employees of public schools, tax-exempt organizations and ministers and employees designate a portion of their gross salary to be contributed on a pre-tax basis, thus reducing the participant’s taxable income. The features of the 403(b) plan are very similar to the 401(k) plan.

Your Options

Over the centuries, styles of teaching, medical advances and public services have changed, but the essence to achieve high standards has not. We here at First Bankers Trust Services understand the unique needs and confines of our public sector and offer the following:

• Develop a written plan document

• Transition from participant-driven to employer-driven plans

• Employee education

• Annual communication

• Picking the best Vendors

• Comprehending and Managing Fees

• Explaining the end of the 90-24 transfer

• Finding a TPA and making sure that they are:

  • Reviewing all participant files, salary reduction agreements, service provider agreements, and custodial accounts to ensure appropriate documentation.

  • Calculating participant maximum allowable contributions.

  • Evaluating your distribution procedures and hardship withdrawal distributions.

  • Revealing defects and recommending methods for correction.

  • Acting as your common remitter to handle all correspondence and remittances with vendors

Our Services

Most of our clients are drawn to First Bankers Trust Services from the length and breadth of the United States – and whether you are from our local community or from far away we constantly strive to inculcate a culture of mutual respect. Although our form is corporate, our attitude is partnership. Let us partner with you.