A 403(b) Plan is a tax-deferred retirement savings plan for employees of public employers and employees of not-for-profit organizations. A 403(b) plan is similar to a 401(k) salary reduction plan and allows voluntary contributions through payroll deduction and allows employer matching contributions.
The IRS regulations issued in 2007, are the first significant changes to 403(b) Plans in more than 40 years. These rules are designed to regulate the way 403(b) Plans are managed and to help improve the retirement savings potential for employees in the tax-exempt not-for-profit sector. These key provisions and regulations have made 403(b) plans very similar to the popular 401(k) retirement plans. Specifically they have opened up opportunities available to 403(b) Plans by allowing them to move away from the multiple provider platforms (traditionally individual insurance contracts) to a single provider platform. In addition to reducing costs by vendor consolidation, 403(b) plans are now required to comply with many of the same regulations as 401(k) plans.
Canandaigua National Bank & Trust has been in the trust business for over 80 years, with a special focus on the area of qualified retirement plans for the past 35 years. We’ve assisted hundreds of companies meet their retirement goals by providing comprehensive plan administration, custody and trustee services for the full range of company retirement plans. With our experience and background, CNB delivers a first-rate solution to meet your needs. Let us review your current retirement plan, and help you meet your goals……
CNB offers a comprehensive, one-stop solution. We provide all Retirement Plan clients with a local, dedicated CNB Relationship Manager who will oversee all phases of the client relationship – unlike other providers CNB offers plan design alternatives, on-site employee education and advice, daily valuation, participant and plan sponsor websites, administration and custodial/trading services. You will also have access to a variety of investment choices through our ChosenTM Retirement Year Portfolios1 and The Chosen Funds® 2.
We offer leading-edge technology and features, a strong commitment to participant service, and a consultative focus. We pledge in writing high levels of service and accountability to your plan. Helping your employees plan for their future is an excellent way to increase their satisfaction and retention, and an important benefit that can help attract qualified new employees.
If you would like additional information, please use the contact us form or if you would like to speak with a Financial Services Professional, please call 585.419.0670.
Chosen and The Chosen Funds are trademarks of The Canandaigua National Bank and Trust Company. Before investing using mutual funds consider the fund’s investment objectives, risks, charges and expenses. For more complete information, including charges and expenses, contact your financial advisor for a prospectus. Read the prospectus carefully.
1Portfolios are managed by OBS Financial Services, Inc., an SEC Registered Investment Advisor, and are comprised of investments from Dimensional Fund Advisors, Inc. 2Investment options are not proprietary mutual funds and are not to be considered a recommendation of any individual security.
This material is provided for general information purposes only and is not a recommendation or solicitation to buy or sell any particular security, product or service. Past performance is not indicative of future investment results. Any investment involves potential risk, including potential loss of capital. Before making any investment decision, please consult your legal, tax and financial advisors. Non-deposit investment products are not bank deposits and are not insured or guaranteed by Canandaigua National Bank & Trust, or any federal or state government or agency and are subject to investment risks, including possible loss of principal amount invested.