Mainstar Trust provides specialized services allowing you to diversify and maximize your investment and retirement objectives. As an account holder with Mainstar Trust, you can gain more control of your future without the limitation of traditional account options.
Click here to review small business retirement plan options.
Contributions to this account may be tax deductible and investment gains are tax deferred until time of distribution.
Individuals may contribute up to $5,500 per year ($6,500 if age 50 or older any time during the year) whether deductible or not. Traditional IRAs may accept rollovers from qualified plans such as 401(k) plans.
Distributions must begin once the individual attains age 70 ½. Favorable tax treatment can continue after account is inherited.
Contributions to this account are made with after tax money. Withdrawals are tax-free if certain conditions are met. Eligibility is based entirely on income and marital status.
If eligible, individuals may contribute up to $5,500 per year ($6,500 if age 50 or older any time during the year). Traditional IRA assets may be converted (pay taxes, if any) to Roth IRA. No minimum distributions are required at age 70 ½.
A defined contribution plan that allows employers to make contributions to individual employee accounts (similar to other retirement accounts).
Employers may establish SEP IRAs retroactive to a prior year provided the SEP is established by the due for filing the employer’s tax return including extensions.
Contribution limits are the lesser of 25% of compensation or $53,000 (2016) and $54,000 (2017). Employees who earn at least $600 in any 3 out of 5 prior years and are age 21 must be eligible to receive a contribution if employed on January 1st of the tax year for which the contribution is being made.
Specifically designed for retirement plan beneficiaries, inherited IRAs are created when an individual inherits an IRA or other qualified plan upon the death of the original owner.
Spouse beneficiaries have more options than non-spouse beneficiaries, including but not limited to treating the account as their own. Once non-spouse inherits an IRA, minimum distributions are needed by end of year following death or account must close is 5 years.
Inherited IRAs cannot be combined with other personal IRAs an individual may own.
Employee Benefit Plan (IDA)
Some employee benefit plans allow employees to individually direct their plan assets. The IDA tracks these investments.
This feature allows investors to utilize alternative investment options his/her plan does not offer and diversify the investor’s portfolio.
Automatic Rollover IRA
The Auto Rollover IRA allows plan sponsors to transfer terminated participant accounts with small balances into an IRA.
Mainstar welcomes these investments and will reach out to the participants to assist them take control of their savings.
A Savings Incentive Match Plan for Employees (SIMPLE) IRA plan is a retirement savings plan adopted by a business that allows both employers and employees to make retirement savings contributions.
Each eligible employee sets up a SIMPLE Individual Retirement Account (SIMPLE IRA) to receive the SIMPLE IRA plan contributions.
An Individual 401(k) plan (sometimes referred to as an “owner-only” 401(k) plan) is a retirement savings plan adopted by a business that allows the business owner to make retirement savings contributions. Individual 401(k) plans are intended for businesses with no employees.