Business Services
Building a retirement plan for your business doesn’t have to be complicated. The right plan can strengthen your team, attract new talent, and give employees the security they need to focus on their work today. At 1st Source Bank, we’ve been helping local businesses for more than 160 years. Our bankers sit down with you, get to know your goals, and provide guidance you can count on.
Contact Support
A strong retirement plan helps your business stand out. Employees value benefits that give them peace of mind. When they know they’re preparing for retirement, they can dedicate more energy to the present. Business owners also gain tax advantages and a tool to reward loyalty. A plan built around your business is an investment in your people and your future.
We offer both traditional and Roth 401(k) options. These plans let employees save with pre-tax or after-tax contributions. They also give businesses flexibility with features such as matching contributions or loan provisions. Whether you’re a small business or a growing company, a 401(k) can be tailored to fit.
For many small businesses and self-employed owners, SIMPLE and SEP IRAs are an excellent choice. They’re straightforward to set up, easy to manage, and designed with flexibility in mind. If you’re a sole proprietor or run a lean team, these plans provide a tax-friendly way to save for retirement.
Some businesses want more freedom in how contributions are made. Profit-sharing and other custom plans allow you to decide how much to contribute each year, giving you flexibility while still building long-term security for your employees.
Changing jobs or retiring can bring uncertainty. We guide employees through the process of moving funds into a new plan or IRA. Our team explains how rollovers work, helps avoid unnecessary taxes, and ensures the transition is smooth. We’re here to answer questions about 401(k) rollovers, IRA transfers, indirect rollovers, and the forms that come with them, including the 1099-R.
Running a retirement plan requires careful attention to rules and reporting. Our specialists provide support with ERISA requirements, nondiscrimination testing, and plan documentation. We help you stay compliant so you can focus on your business.
A retirement plan works best when employees understand their choices. We offer financial education courses and resources that explain how contributions, rollovers, and investments fit into their bigger picture. From group sessions to one-on-one conversations, we make retirement planning clear and approachable.
For over a century, we’ve been serving Indiana and Michigan with personalized financial guidance. We know the region, we know local businesses, and we know how to design retirement plans that match your goals. Our bankers don’t just offer products. They build relationships and deliver advice you can trust.
Let’s create a retirement plan that works for your business and your employees. Reach out today to get in touch with a 1st Source banker. Together, we’ll build a stronger future.
Companies with more than 100 participants must complete annual nondiscrimination testing and file a Form 5500 with the Department of Labor. Our specialists help you meet these obligations and keep your plan aligned with ERISA standards, so you can focus on running your business.
Yes. Employer contributions to qualified retirement plans are generally tax-deductible. New plans may also qualify for startup tax credits. For growing companies in Indiana, these incentives reduce the cost of offering benefits while strengthening long-term workforce stability.
Absolutely. Many larger companies combine a 401(k) with profit-sharing to provide flexibility. Employees can contribute to their retirement while employers reward performance or profitability. This structure is popular in industries with seasonal or cyclical revenue patterns, such as advanced manufacturing.
Our plans adapt as you expand. We can adjust contribution structures, add automatic enrollment, and offer investment choices that fit a broader workforce. Whether you have 50 employees or 500, we’ll design a plan that evolves with your company.
Many mid-sized manufacturers choose a 401(k) plan with matching contributions. It helps retain skilled workers in a competitive market and provides flexibility for both employer and employee contributions. For companies with fluctuating revenue, a profit-sharing component can add more control.
In technology, where employee turnover can be high, retirement benefits make a big difference. A strong 401(k) plan with a match or an early vesting schedule signals that you’re invested in your team’s future. Coupling the plan with financial education also helps employees feel more confident about their benefits.
Please note that the retirement plans we offer are not deposits or obligations of the financial institution, may lose value, are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency or instrumentality of the federal government, and are not guaranteed by the financial institution.
