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Enterprise Retirement Solutions

Set a course for saving today for a secure tomorrow

A retirement plan is among the most valuable benefits a business owner can set up for themselves and their employees. The right combination of plan tools and resources are key to the success of any retirement program. We offer easy online access, and a wide array of tools to help you best manage your program, coupled with high-yielding investment options.

Custom Solutions

Build better benefits for you and your employees

Benefits and retirement savings options can seem overwhelming, but they don’t have to be. First International Bank & Trust has you covered, from your initial consultation, through paying out benefits to long time employees. Whether you’re working towards personal financial security, tax savings, or offering a benefit to help retain employees, we can create options that help you reach your goals.

Consultation
We provide access to consultative expertise including Employee Retirement Income Security Act (ERISA) attorneys, Certified Public Accountants (CPAs), actuaries and document services.

Plan Design
We don’t believe in one-size-fits-all retirement plans. We go beyond traditional design to develop a plan that fits your unique business goals and objectives.

Financial Management
We work directly with you to understand and control costs. This benefits both the plan sponsor and the participants.

Seamless, Easy to Use Platform
Today’s organizations, large or small, demand a turnkey solution for their retirement plan needs, and you should too. FIBT can offer your organization a full range of services, support and features.

Not Insured By FDIC or Any Federal Agency | May Lose Value | No Bank Guarantee

Plan Options

Put the right tools to use for your retirement

No matter what your needs entail, our retirement plan solutions team has a plan that can work for you. Whether you’re looking for something straight forward, or out of the box, we can help you build the plan perfectly suited to your goals.

  • Traditional 401(k)

    • A qualified plan established by employers to which eligible employees may make salary deferral (pay-roll deduct) contributions on a post-tax and/or pre-tax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.

      Caps placed by the plan and/or IRS regulations usually limit the percentage of salary deferral contributions. There are also restrictions on how and when employees can withdraw these assets, and penalties may apply if the amount is withdrawn while an employee is under the retirement age as defined by the plan. Plans that allow participants to direct their own investments provide a core group of investment products from which participants may choose. Otherwise, professionals hired by the employer direct and manage the employee’s investments.

  • Roth 401(k)

    • A 401(k) feature that allows employees to make elective contributions on an after-tax basis. Withdrawals, generally after age 591/2, of money from the account (including investment gains) are tax-free. Unlike the Roth IRA, the Roth 401(k) has no income limitations for those participating in the plan, no matter what their income, are allowed to invest up to the contribution limit into the plan.

  • Safe Harbor 401(k)

    • A safe harbor 401(k) is similar to a traditional 401(k) plan, but the employer is required to make contributions for each employee. The safe harbor 401(k) eases administrative burdens on employers by eliminating some of the complex tax rules ordinarily applied to traditional 401(k) plans.

  • 403(b)

    • Section 403(b) of the Internal Revenue Code allows employees of public school systems and certain charitable and nonprofit organizations to establish tax-deferred retirement plans which can be invested in mutual fund shares.

  • Employee Stock Ownership Plan (ESOP)

    • A qualified, defined contribution, employee benefit (ERISA) plan designed to invest primarily in the stock of the sponsoring employer. ESOP’s are “qualified” in the sense that the ESOP’s sponsoring company, the selling shareholder and participants receive various tax benefits. ESOP’s are often used as a corporate finance strategy and are also used to align the interests of a company’s employees with those of the company’s shareholders.

      ESOP’s can be used to keep plan participants focused on company performance and share price appreciation. By giving plan participants an interest in seeing that the company’s stock performs well, these plans encourage participants to do what’s best for the shareholders, since the participants themselves are shareholders.

  • Self Employed Retirement Plans

      • SEP IRA: Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee's pay.
      • Solo 401k: A solo 401(k), sometimes known as an individual 401(k), is a type of retirement account designed for self-employed people with no full-time employees. There is an exception if your spouse works for your business. In that case, both of you may contribute to a solo 401(k). It works similarly to a 401(k) a traditional worker might be offered through their job, but because self-employed people act as both employee and employer, they can contribute larger sums each year.
      • Cash Balance: A cash balance plan is a defined benefit plan that outlines the benefit in terms that are more characteristic of a defined contribution plan. In other words, a cash balance plan defines the promised benefit in terms of a stated account balance.

Not Insured By FDIC or Any Federal Agency | May Lose Value | No Bank Guarantee

Fiduciary Responsibility

Let us take on the burden

You know that your retirement plan is a critical benefit that can help your company attract and retain employees. Your plan must meet the expectations of plan participants, and, of course, it must comply with regulations. For many employers, the commitment of time and energy required to effectively fulfill these duties can be a distraction from the responsibility of running a business.

Outsourcing administrative responsibilities allow you to:

Save time
Eliminate hours spent educating yourself on rules, provisions and processes.

Save money
Time is money. In addition, some outsourcing can offer cost savings in economies of scale and outright costs.

Simplify administration

A retirement savings plan can involve hundreds of thousands of transactions; that’s hundreds of thousands of opportunities for something to go wrong. Outsourcing takes on that burden.

Reduce your risk
Outsourcing transfers responsibility; and therefore liability. The liability remaining with a business that outsources fiduciary responsibility is well-defined, and minimal.

Not Insured By FDIC or Any Federal Agency | May Lose Value | No Bank Guarantee



About Us

Who is FIBT?

First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.

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