Chemical Bank also offers its business customers a full line of traditional retirement services that provide a low cost alternative in meeting employee benefit needs. Included with all of these services are prototype retirement plans, record keeping services and required Internal Revenue Service and Department of Labor reporting and testing. A brief description of the retirement programs offered by Chemical Bank follows:
- Profit-Sharing Plans: Setting aside a portion of your profit in a profit-sharing plan is good for an employer who does not wish to contribute to a retirement plan every year.
- 401(k) Plans* - These plans are a type of profit-sharing plan and have become very popular in recent years. They allow employees to make a choice between receiving current taxable income or deferring a portion of that income tax free in the form of contributions to a qualified retirement plan. As the employer, you can also choose whether or not you wish the business to contribute to the plan. Chemical Bank provides a prototype 401(k) plan with a variety of features which provide flexibility. Therefore, the plan can be customized to meet the needs of your business.
- 403(b) Plans* - For non-profit organizations and governmental units, tax deferral of income can be provided to employees using this form of plan design. A variety of contribution formulas are available from which to select.
- Defined Benefit Plans - For employers who wish to offer their employees the comfort and security of a specific pension amount at retirement, a defined benefit plan is the answer. These plans target a pension of a particular size and contributions are determined by whatever is needed to reach that amount.
- Small Business Services: Although available to all customers, the following products are of particular interest to our small business customers.
- Self-Directed IRAs - Self-directed IRAs permit you to invest your contributions in stocks, bonds or mutual funds of your choice for a low annual fee.
- ChemSelect IRAs - ChemSelect is a self-directed IRA that utilizes mutual funds managed by Fidelity Investments. You can invest in any of the mutual funds offered in the percentages or amounts you like and move money between funds without charge. You pay no sales commissions or loads or other direct fees, as Chemical Bank's compensation comes in the form of 12b(1) fees from the mutual funds themselves.
- Keogh Plans IRAs - If you are self-employed, a Keogh Plan will allow you to save more dollars for your retirement than you can under other types of available alternatives.
- SEP IRAs - Simplified Employee Pension IRAs are simple to establish and administer. They are cost effective for the self-employed individual and his or her employees. This product is also available through our Investment Department.
- SIMPLE IRAs - A new offering -- Savings Incentive Match Plans for Employees offers small business owners with 100 or fewer employees a flexible, easy-to-administer, low-cost retirement plan specifically designed for their needs.
Trust and investment services are not bank deposits, not insured by the FDIC or any other government agency, not guaranteed by Chemical Bank, and may go down in value
* We are not tax advisors. You should consult with your accountant regarding the tax benefits of these accounts.