IRAs/HSAs

IRAs

First Bankers is a National Provider of Individual Retirement Accounts (IRAs)

Today, people are more aware of the need for financial planning and are participating in plans such as Individual Retirement Accounts (IRAs). As a trusted and well-respected organization, First Bankers is ideally suited to administer your IRA. We collaborate with you to understand your needs and identify opportunities to meet your goals.

As custodian, First Bankers can help you understand the advantages of each type of IRA so you can choose the option that is right for you. In addition, our experienced, knowledgeable professionals will ensure you are in compliance with applicable government laws and regulations.

Our Services

Our self-directed IRA program allows you to choose the IRA investment that best suits your financial retirement plan. We offer a wide range of investment offerings, including stocks, bonds, mutual funds, certificates of deposit, and other options to complement your investment goals. Additionally, we provide fiduciary investment management for those looking for expert management.

Traditional IRA

  • Allows deferral of taxes on the contributions and its earnings until they are withdrawn
  • Certain contributions have tax advantages in the year they are made

Roth IRA

  • Allows only non-deductible contributions
  • Earnings grow tax-deferred
  • Certain tax-free withdrawal of earnings after a five-year holding period

Rollover IRA

  • Gives you 60 calendar days to roll over a distribution from an IRA or other qualified plan to another IRA
  • Rollovers from IRAs may not occur more than once during a 12-month period

Direct Rollover IRA

  • When an employee, former employee, or other eligible recipient directs the plan administrator of a qualified plan to make a check or assets payable directly to a First Bankers IRA

Automatic IRA Rollovers

  • The plan sponsor may set up an IRA on behalf of a participant who does not make an election to take cash or make a different rollover
  • May be made to an account under a group IRA arrangement established by an employer for its employees, or a “deemed IRA” that is part of the plan making the distribution

Simplified Retirement Plan IRA (SEP)

  • Established by an employer, including sole proprietorships, partnerships, or corporations

HSAs

First Bankers is a Professional Provider of Health Savings Accounts (HSAs)

A Health Savings Account (HSA) offers many benefits, including tax-deductible contributions, tax-free investment earnings, and tax-free withdrawals for qualifying medical expenses. HSAs protect against high or unexpected medical bills, and allow you to lower health insurance premiums with qualifying high-deductible health insurance plans. Funds can be used for medical expenses or saved for future needs like long-term care. In addition, if you change jobs, switch medical coverage, or move, you get to keep your First Bankers HSA. Like an IRA, funds remain in your account year to year. Control of your HSA is in your hands, so you decide how much money to use for expenses and which investments to make.

Our Service Options

Individuals and groups with qualifying high-deductible health plans are eligible for a First Bankers HSA. As custodians, our staff will help you maximize your HSA benefits and ensure compliance with government regulations.

  • Individual HSA – Anyone can make contributions on behalf of the individual. Employer involvement is not required, however, an employer can make contributions. Individuals can use the money in their account to pay for their own medical expenses, as well as the medical expenses of their spouse and their dependent children, even if they are not covered by their high-deductible health plan.
  • Company HSA – Contributions made by employers are considered employer-provided coverage for medical expenses. This provides cost savings for the company. Contributions are tax-deductible, and companies benefit from the appeal of Health Saving Accounts to attract and retain employees.

Your self-directed HSA allows you to make investment decisions to grow your account, including:

  • Certificate of Deposit
  • Insurance Provider Selection
  • Managed Broker Investments
  • Money Market Accounts
  • Stocks, bonds, and mutual funds

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