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Business Retirement Plans

Whether your business is a sole proprietor, partnership, corporation or tax-exempt organization, Columbia Bank is your one-stop source for qualified employee Retirement Savings Accounts and Health Savings Accounts. Our professional business banking and retirement specialists will gladly assist you in selecting the right plans for your employee’s needs.
 
Health Savings Account (H.S.A.)
  • If you offer a High Deductible Health Plan for your employees, a Columbia Bank H.S.A. provides a tax-advantaged way to help your employees save for qualified medical expenses.
SEP IRA (Simplified Employee Pension Plan)
  • Contributions for each eligible employee may not exceed 25% of each individual's compensation up to IRS limits. (Limits set annually by the IRS)
  • Employer's deduction may not exceed 25% of the aggregate compensation paid to eligible participants.
  • The funds contributed to a SEP plan are kept in a Traditional IRA
  • Easy to administer
  • Employers are allowed to establish and fund a SEP plan before the tax due date
Individual 401 (k)
  • Contributions based on compensation of individual employee, up to IRS limits. (Limits set annually by the IRS)
  • Employer's deduction may not exceed 100% of compensation paid.
  • Allows for flexible, discretionary, profit-sharing contributions each year in addition to salary deferral contributions.
Profit Sharing
  • Contributions based on compensation of individual employee, up to IRS limits. (Limits set annually by the IRS)
  • Employer's deduction may not exceed 25% of compensation paid.
  • Flexible contributions are decided each year by the employer.
Money Purchase
  • Contributions based on compensation of individual employee, up to IRS limits. (Limits set annually by the IRS)
  • Employer's deduction may not exceed 25% of compensation paid.
  • Fixed contributions are decided by the employer when the plan is adopted.
Defined Benefit
  • Contributions determined by an actuary, and are based on employee's age.
  • The amount of benefit depend on the length of service
  • Benefit to be received by each employee is determined by the employer, and then actuarial tables calculate annual funding requirements.

1. Please consult your tax advisor for tax-related benefits