Defined Benefit (DB) plans offer a fixed, pre-established benefit for employees upon retirement. Higher annual contributions are generally allowed in DB plans than in defined contribution plans, but funding requirements must be met regardless of your company's financial condition.
- Fixed, pre-established benefit for employees
- Annual funding requirements
- High annual contribution limits, which are tax deductible
- Ability to plan for exact contribution amounts
- Employees can receive a greater benefit at retirement than under other retirement plans
- Not a Deposit
- Not Guaranteed by the Bank or its Affiliates
- Not FDIC Insured
- Not Insured by Any Federal Government Agency
- May Go Down in Value
Investments available through First Tennessee Brokerage, Inc., member FINRA, SIPC, and a subsidiary of First Tennessee Bank National Association.
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First Tennessee does not offer tax or legal advice. You should consult your tax and/or legal advisor regarding your individual situation.