403(b)

First Bankers is a Leading Provider of Fiduciary and Plan Services for ERISA 403(b) Plans

Government rules and regulations for 403(b) plans are complex and change often. Compliance can be daunting, and one misstep can lead to unintended consequences. That is why clients rely on us as a trustee and trusted advisor.

As a trustee, First Bankers communicates, educates, and advocates for trust beneficiaries. With our experienced and knowledgeable team, we administer our retirement plans to best ensure regulatory compliance and protection of plan benefits.

What is a 403(b)?

A 403(b) plan is a qualified defined contribution plan that permits employees of public organizations such as schools, churches, and non-profits, to set aside tax-deferred funds each pay period.

Our Services

First Bankers tailors our fiduciary plan services to meet each client’s particular needs. Our services include:

  • Consulting and plan design services
  • Transition from participant-driven to employer-driven provisions
  • Employee communication tools to educate employees about the plan
  • Compliance assistance
  • Annual fee benchmarking
  • Assistance in developing an investment policy statement
  • Quarterly investment monitoring
  • Assistance in selection of 403(b) product
  • Assistance in selecting plan service providers, including:
    • Reviewing participant files, salary reduction agreements, service provider agreements, and custodial accounts to ensure proper documentation
    • Calculating participant maximum allowable contributions
    • Evaluating distribution procedures and hardship withdrawal distributions

Clients rely on our expertise for practical advice on retirement plan issues and strategy.
First Bankers serves organizations in two ways:

  • Trustee  While providing custodial and fiduciary oversight for ERISA 403(b) plans, we carry out plan and participant decisions, related to safekeeping assets, participant distributions, or plan-level reporting and information.
  • Consultant – We design a program that provides plan participants with a customized plan for retirement security and consult with investment committees on fiduciary best practices. We can act as your 3(21) and 3(38) fiduciary advisor on 403(b) plans. Additionally, we provide the latest regulatory information and analysis.

Let First Bankers help you comply with applicable regulations and maximize the benefits of your plan.

Key Contacts

Ashley Melton – Senior Vice President, Fiduciary Advisory Group

Philadelphia Office

Ashley has over two decades of experience in employee benefits. Her past work experience includes Vice President with Wilmington Trust Company and ING as well as holding a management position at The Vanguard Group. Ashley’s memberships include ASPA, the Profit Sharing Council of America, NCEO, and The ESOP Association. She holds NASD Series 6, 26, 63, 65, and Life, Accident, Health, Disability, Property, and Casualty Insurance Licenses. Ashley has been with First Bankers since 2006.

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Blake Mock, AIF® – Vice President, Fiduciary Services Group

Quincy Office

Blake’s expertise is in ERISA qualified plans including 401(k) plans and nonqualified plans. He gained this expertise through working for MetLife Financial Services and eventually running an independent financial services firm. Blake is a graduate of Quincy University with a BS in Management. He earned the Accredited Investment Fiduciary designation from the Center for Executive Education at the Joseph M. Katz Graduate School of Business at the University of Pittsburgh. Blake has been with First Bankers since 2006 and currently services numerous employee benefit plans nationwide assisting them with 404(c) compliance, Investment Policy, Section 408(b)2 matters, valuation of closely held stock, and plan design.

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