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Employee Benefits Division

We strive to provide competitive fully bundled benefit programs and high quality support while building client relationships through our integrity and professionalism.

401(k) Plan

One of the most popular retirement benefits, 401(k) plans allow employees to save pre-tax for retirement and the employer to make contributions if they choose. Our menu of mutual funds and model portfolios provides diversified growth opportunities for plan participants.

Profit Sharing Plans

Profit sharing plans can broaden the retirement benefit programs and be designed to provide substantial pre-tax benefits for all participants including owner-employees.

§ 125 Cafeteria Plan/Flexible Spending Plan

Cafeteria Plans, also known as Section 125 plans and Flexible Spending Plans are available to assist employees in meeting certain day-to-day expenses. Employers and employees benefit from the tax savings on amounts set aside for health insurance premiums, out-of-pocket medical expenses, and dependent care expenses.

Common Questions

What is a 401(k) plan? Employees of taxable employers (such as corporations, proprietorships, and partnerships) can defer salary to be used at retirement. These contributions are made on a pre-tax basis and income earned is tax-sheltered until withdrawn. This type of plan must be offered by the eligible employer on behalf of the employees.

What are pre-tax contributions?  A pre-tax contribution is money that is deducted from an employee’s pay prior to federal income tax deductions. This lowers the employee’s taxable income for the year, which can benefit the employee on his/her income tax return. Due to these tax advantages, the IRS restricts when the employee can withdraw such contributions.

Are profits required before a profit sharing plan can be established? No. Taxable employers are not required to have taxable earnings prior to establishment of a profit sharing plan. Many employers use these plan arrangements as a means to shelter earnings and reward employees. Although there are non-discrimination rules, it may not be necessary to cover all employees under the plan. Restrictions can be established based on age, years of service, full or part-time status, and employment.

What is a Cafeteria Plan? A cafeteria plan also known as flexible benefits plan is a health and welfare benefit plan that gives employees of all types of employers the opportunity to defer pay to assist in payment of insurance premiums, non-reimbursable medical/dental expenses, and dependent care cost on a tax-free basis. All funds deferred are used to meet current year needs. Employers and employees alike reap the advantages of tax-free payment. Funds are not subject to Social Security, Medicare, Federal or State taxes.

Can a small employer afford to offer a plan? With tax credits in place, you can establish a plan with little or no cost. Our professionals offer you complete consulting services and will work with you to implement a customized benefit plan.

Citizens Bank & Trust Wealth Management Services are-
• Not FDIC insured • May go down in value • Not Financial Institution guaranteed
• Not a deposit • Not insured by any government agency