Employee Benefit Plans
A good employer-sponsored retirement plan can give your company a competitive edge in recruiting and retaining top-performing employees.
- Defined Benefit Pension – Allows employers to contribute money on a quarterly basis toward a predetermined retirement benefit for each employee based on age and compensation up to $210,000 for 2016.
- Profit Sharing Plan – Employers may make discretionary annual contributions into employee retirement accounts up to 25% of each employee's salary or a maximum of $53,000 for 2016.
- 401(k) Plan – Enables employees to defer taxes on annual contributions of up to $18,000 (as of the 2016 tax year). Those over 50 may make additional annual catch-up contributions of $6,000. Employers may make matching or non-elective contributions. Earnings accrue on a tax-deferred basis.
- 403(b) Custodial Account – Similar to a 401(k), this plan gives employees of educational, scientific, charitable or religious organizations an option to save for retirement while deferring taxes on contributions and earnings.
- Money Purchase Pension Plan – Similar to a profit sharing plan, but the employer makes fixed contributions up to the lesser of 25% of compensation or the 2016 maximum of $53,000 into retirement accounts for employees.
For businesses, nonprofits, and government agencies, First Hawaiian Bank offers specialized solutions and support that help you manage investments, oversee custodial accounts, and provide employee benefits.
If you would like to learn more about how First Hawaiian Bank’s Institutional Wealth Management can help you, please call us at (808) 525-5680.