Employee Benefit Accounts

Promote your employees financial stability and improve employee retention.

When you're a self-employed farmer, you're no stranger to the struggles of paying for a high deductible health plan and trying to retain dependable employees to keep your operation running smoothly. One strategy for retention is to provide employees with an easy way to save for their future. Promoting their financial wellness leads to higher productivity and job satisfaction. First State Bank assists ag businesses with structuring employee- or employer-funded contributions to an employee benefit account, like an IRA or HSA.

Individual Retirement Accounts (IRAs)

First State Bank offers Traditional and Roth IRAs that enable individuals (employees) to contribute to their retirement on a tax favored basis.

Health Savings Accounts (HSAs)

Health Savings Accounts provide a convenient, tax-advantaged way to make healthcare more affordable for those with a high deductible health plan (HDHP). Businesses can arrange for their employees to establish Health Savings Accounts with First State Bank that are either self-funded by employees or are funded by a combination of employee and employer contributions.

Contact a First State Bank Ag Banker for more details.