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Employee Benefit Services
Tax-qualified retirement plans provide a time-tested, attractive, and cost-effective means of providing both retirement benefits and current incentives to employees. CNB’s Financial Services Department offers extensive and valuable experience in both administration and portfolio management of those qualified retirement plans. The following tax-qualified retirement plans are available through our Department:
Profit Sharing Plans
These plans allow the employer to contribute a tax-deductible discretionary amount each year. The employee contribution, if any, is voluntary using after-tax dollars.
These plans allow the employer to contribute a tax deductible fixed amount annually for each employee.
401 (k) Plans
These plans allow individual employees to contribute a percentage of their income on a pre-tax basis to a qualified retirement plan. These plans are attractive to employers because the employees share the cost of funding the plan.