Is your Company concerned with retaining good employees? Are you striving to help your employees save for their retirement and keep benefit costs in line?
Whether your company is large or small, M&T Bank's Employee Benefits Group offers a one stop solution for your company's defined contribution plans.
401(k)
This plan is one of the most attractive benefits that you can offer your employees. A 401(k) plan is a qualified profit sharing or stock bonus plan that allows employees to receive company contributions to their retirement plan in cash or to have these amounts contributed to the plan. A participant in a 401(k) plan does not have to include in income any company contributions to the plan. Also, any elective contributions made by the employee are excluded from their gross income for the year in which they are made and are not subject to taxation until distributed. A 401(k) plan can also be in the form of a salary reduction agreement. Under this type of arrangement, each eligible employee may elect to reduce current compensation or elect to forgo a salary increase and have these amounts contributed to the plan. Benefits attributed to employer contributions to a 401(k) plan generally may not be distributed with out penalty unless the employee retires, becomes disabled, dies, or reaches age 59½. Contributions made by the employer to the plan at the employee's election are non-forfeitable.
For additional information on a 401(k) plan please feel free to email or call the M&T Telephone Banking Center at (800) 836-1500.
Profit Sharing
A Profit sharing plan is a defined contribution plan where the company makes "substantial and recurring" discretionary or fixed contributions to the plan. Each participant receives the same contribution percentage allocated by the employer for the given year period.
For additional information on a 401(k) plan please feel free to email or call the M&T Telephone Banking Center at (800) 836-1500.
Money Purchase Plan
A money purchase pension plan is a defined contribution plan where the company's contributions are mandatory and are based on the participants' compensation.
For additional information on a 401(k) plan please feel free to email or call the M&T Telephone Banking Center at (800) 836-1500.
Non-Qualified
An employer for selected management or highly compensated employees maintains the Non-qualified deferred compensation type of plan for its participants.
For additional information on a 401(k) plan please feel free to email or call the M&T Telephone Banking Center at (800) 836-1500.
Investments: • Are NOT FDIC-Insured • Have NO Bank Guarantee • May Lose Value
