||Financial Services Designed to Meet Your Needs
Retirement PlansGlens Falls National offers retirement plans for individuals and businesses.
Corporate and Non-Corporate Retirement Plans:
These plans are designed to meet a company’s specific needs, whether it is to attract and retain valuable employees, maximize income tax benefits, or to increase productivity.
- Profit-Sharing Plans: Contributions to
the plan are determined from year to year based on the company’s
financial results and benefits are generally paid at retirement
in the form of lump-sum distributions.
- 401(k) Plans: A 401(k) plan allows employees
to defer a portion of their salaries on a pre-tax basis. Employers
can encourage greater employee participation by offering a company
match of employee salary deferral up to certain limits.
- Employee Stock Ownership Plans: Employers
can contribute company stock as the retirement plan for employees.
Giving employees part ownership in the company in this way encourages
them to increase productivity and profits and builds employee
- Traditional Pension Plans: These plans
include Defined Benefit Plans, where benefits are usually determined
by a combination of age and compensation, and Money Purchase
Pension Plans, where employer contributions are a specific percentage
of eligible participants’ compensation.
Personal Retirement Plans: Today, more of the planning and saving for retirement is falling on individuals instead of employers. Effective management of these retirement assets is essential in order to achieve retirement goals.
- Individual Retirement Accounts: IRAs offer
a tax-deferred way to save for retirement. Whether it is a Traditional,
Roth, Educational or Floating IRA, Glens Falls National Bank
& Trust Company can help you determine which one is right
- Keogh Plans: These plans are established
by individuals who are self-employed, own all or part of an
unincorporated business or have some side income from self-employment.
They offer many of the same features as IRAs.