Retirement Plans
We provide turn-key service from plan design, implementation, administration, recordkeeping and investments. Our team of dedicated professionals handles all of your services with unparalleled commitment to service. They are familiar with what sets your plan apart from others and will provide you with service tailored to your individual needs.
Your employees will benefit from BNC’s top quality participant services, with internet access to their accounts, quarterly newsletters and education meetings. We offer a wide array of quality no-load mutual funds to meet the needs of your employees.
Our style is to be proactive rather than reactive, and centered on an attitude of entrepreneurship rather than bureaucracy. Our management philosophy is driven by an unyielding commitment to quality service and trust, and executing a business model that develops and rewards relationships.
401(k) Plans
Individual employee participants elect to defer a
portion of their normal pay into this type of qualified
retirement plan. The contributions are made with before-tax
dollars and are treated as employer contributions to the
plan. Employers typically match a portion of the employee’s
contribution. The plan cannot discriminate in favor of
highly compensated employees. At retirement or termination,
the employee receives his or her vested percentage of the
account balance.
Roth 401(k) Plans
This is a qualified retirement plan which is very
similar to the standard 401(k) plan discussed above with one
important exception. Contributions to this plan are NOT
excluded from the employee’s gross income in the year of
contribution. The contributions and future growth will be
tax free upon withdrawal if certain conditions are met.
Profit Sharing Plans
This qualified retirement plan allows an employer to share
its profits with employees in a tax-deferred environment.
The formula for determining the amount of profits shared is
at the discretion of the employer. The plan cannot
discriminate in favor of highly compensated employees. At
retirement or termination, the employee receives his or her
vested percentage of the account balance.
Defined Benefit Plans
This is a qualified retirement plan under which a
retired employee is paid a monthly benefit based upon a
formula using years of service, compensation or both. The
monthly retirement benefit is defined in the plan. The
annual contribution is determined by an actuary and will
vary depending upon the performance of the plan’s assets and
the changes in compensation. The investment risk stays with
the employer. If the investments have rates of returns less
than anticipated by the actuary, the employer will have to
increase its annual contribution to the plan.
Simple IRA
These are IRA accounts established by employers for the
benefit of their employees. Simple IRAs are available only
to employers with 100 employees or less. The employee is
able to defer/contribute up to $10,500 of wages, ($13,000
for those age 50 and older) and the employer is generally
required to match the employee’s contribution up to 3% of
the employee’s wages. This type of employer-sponsored
retirement account is less burdensome for the employer than
other types of IRA programs.
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