Busey - Small Business Planning


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Balancing business growth with sound solutions

Small Business Planning

Busey Bank is committed to your success. Our experts have years of experience working with entrepreneurs, and have the knowledge to assist you in planning of your business. Contact us today so we can help your business stay on the right track.

RETIREMENT

There are many ways to save for retirement, and Busey Bank wants to help you to find your best fit. Our experts assist you with the decision making process to ensure you make the right decisions for you; whether retirement is approaching or many years away.

Planning the retirement of your dreams does not have to be complicated and expensive. Let us help you understand the options available for your individual needs.

SIMPLE IRA

A Simple IRA is a savings incentive match plan for business owners with up to 100 eligible employees.

A Simple IRA allows:

Both employees and employers to make contributions

Employees to contribute up to $10,000 (as of 2005), with a catch up allowance of $2,500 (as of 2006) for those fifty and older

Employers to match employee contributions for each eligible employee:

Dollar for dollar, up to 3%

2% of income

SIMPLIFIED EMPLOYEE PENSION (SEP)

As an employer, you wish to provide the best for your team. A simplified employee pension (SEP) is a written plan that allows you, the employer, to make retirement contributions to individual retirement arrangements (SEP-IRAs) for your eligible employees. Busey Bank can assist you in establishing a SEP for your employees.

EMPLOYEE BENEFITS MANAGEMENT

By choosing Busey Bank to administer your employee benefit plans, you choose to provide your associates with the finest wealth management advisory services available to private clients. Our team has more than two decades of experience developing the most cost effective benefit plans for business owners and their employees.

We can help you develop plans in the following areas:

Profit Sharing

401(k)

ESOP

Safe harbor

Cross Tested Plans

Money Purchase Pensions

Custom Plans

Working with an expert at Busey Bank for your Employee Benefit Plans will allow you, the business owner, to enjoy the following benefits:

Sponsor Protection

Shared fiduciary reponsibilities

Preserves Sponsor plan’s tax qualified status

Limited scope audits

Audit assistance

Save Time & Money

Administrative support

Prepare consolidated statements

Process receipts and payments

Prepare and file tax forms

Liaison between Sponsor and third party administrator

As your Employee Benefit Plan Administrator, Busey Bank commits to a level of service you have come to expect from your financial partner. Our service commitment includes:

Fiduciary Commitment

Act prudently in Plan Sponsor’s interest using expert skill and knowledge

Diversify Retirement Plan Investments to minimize losses

Act in accordance with ERISA regulations administering Partner Plan

Designated Corporate Trustee

Manage and Control Sponsor Plan Assets

Government reporting

Employee investment education

Personalized quarterly presentations

Local administration

EMPLOYEE SERVICES

By choosing Busey Bank to administer your employee benefit plans, you choose to provide your associates with the finest wealth management advisory services available to private clients. Once you have selected the Employee Benefit Plan that best fits your needs, Busey Bank provides on-site training for your employees.

To ensure your employees have the necessary information to make informed choices, Busey Bank provides training in the following areas:

Benefit Plan Overview

Investment Performance

Investment Allocations

Retirement Savings Strategies

Importance of early savings strategy

In addition, Busey Bank offers customized benefits to maximize your employees understanding of the Employee Benefit Plan. These benefits are:

Individualized Risk Profiles

Individual, Private Counsel available via phone or in person

CD-ROM available for off-site employee education

Your employees will enjoy the benefits of working with experienced professionals. Our areas of investment expertise include:

20+ years of benefit management experience

Over 70 individual fund options with no sales charges