Retirement Services

Retirement Services: for more information, please contact Carolyn Paul at 303-394-5126

Business Retirement Services

Qualified business retirement plans have become a widely accepted retirement savings vehicle for small businesses. According to the most recent data, an estimated 51 million U.S. workers participate in 401(k) plans that have total assets of about $3 trillion. With a 401(k) plan, employees can choose to defer a portion of their salary. So instead of receiving that amount in their paycheck today, the employees can contribute the amount into a 401(k) plan sponsored by their employer.

With a strong belief that retirement success should always be a primary consideration, ANB strives to provide exceptional retirement plan products and services to businesses and individuals.

  1. Access to quality investment products

    We do not offer any investment products, nor are we affiliated with any mutual fund or insurance companies. By offering a broad universe of mutual funds, we can provide the flexibility you need to select an investment lineup without the constraints of including proprietary products or being limited to certain fund families.
  2. Simple, transparent fees

    Unlike other providers that publish their fees in multiple documents, with exhibits, and references to still more documents, we provide a simple, easy to understand fee schedule. There are no hidden charges for things like Roth contributions, 5500 preparation, enrollment kits, or participant statements; these are all included. In addition, with a fully disclosed fee report, and a participant “Personalized Expense Ratio,” you will know where every dollar is being spent in your plan. Do you know what you’re paying for your business retirement plan? Ask ANB for a free, no obligation benchmarking report and fee analysis.
  3. Unmatched service

    No, “1-800-GET-HELP” at ANB! Whether we are assisting in the initial design of your plan, helping you understand compliance testing requirements, or aiding the submission of your payroll, our relationship management team is here to help you. You will have a dedicated service professional who understands business retirement plans, and understands your plan.

Features and Benefits

ANB has been providing Business Retirement Services to clients for over 30 years and supports a variety of different retirement plan models:

  • 401(k)s
  • SIMPLE Plans
  • Profit Sharing
  • SEPs
  • Money Purchase
  • Managed and Self-Directed IRAs (Traditional & Roth)

Plan Design

We will assist you with plan design support and ongoing administrative services to help maximize the effectiveness of your company’s retirement plan. Whether you need to provide a uniform benefit to all employees or strategically tailor the allocation formula to maximize the employer contributions for a specific group of employees, we can help.

Document Support

Through our service provider Lincoln Trust, we will provide an IRS approved prototype plan document and summary plan description (SPD) that satisfies the needs of the majority of our clients. This document provides complete flexibility for the plan to select provisions including:

  • Participant eligibility
  • Distribution requirements
  • Vesting
  • Participant allocations
  • Salary deferral elections
  • Forfeiture rules
  • Exclusionary provisions

Tax Reporting

One of the responsibilities of sponsoring a retirement plan is to file the appropriate documents with the IRS to preserve your plan’s qualified status. The primary tax filing for every plan is the annual 5500. Your relationship manager will work diligently to provide you with an accurate 5500 that is ready to be electronically filed.


Investment Fiduciary

ANB Financial Services will act as the named investment manager for the plan under ERISA section 3(38) or 3(21) fiduciary providing institutional quality investment research, and design. Its staff of skilled portfolio managers and investment research professionals will provide the required due diligence, selection and ongoing monitoring of the investments offered in the plan.

Allocation Models

ANB Financial Services provides allocation models that participants can select after completing an investor questionnaire. The investment objectives for the model portfolios are based on standard risk and return objectives commonly accepted in our industry. The plan will usually contain three different portfolios, each having a varying level of risk. The three basic model portfolios are Income, Balanced, and Appreciation. In addition to providing three allocation models, ANB will also provide Qualified Default Investment Alternatives (QDIA).

Selection, Monitoring & Replacement

We will provide ongoing evaluation and monitoring of these investments to ensure adherence with your investment policy. At least annually, we will provide you with performance reporting and participant demographics. Your approved investment policy will contain a series of mandates, such as manager tenure, standard deviation, and risk adjusted returns. We regularly assess investment categories, re-evaluate sector amounts and weightings, and, depending on your chosen investment discretion model, we may adjust your fund line-up automatically, or solicit your approval prior to making any changes.

Fee Transparency

Most employers are unclear on the costs of their retirement plan. In June of 2012, new legislation required the annual issuance of the 408(b)(2) fee disclosure notice. In the past, employers were often told by their service providers that the retirement plan has “No direct costs”, but everyone knows; nothing is ever really free. This new fee disclosure requirement forces service providers to fully disclose what they’re actually “collecting” for the servicing of your plan.

Fee Disclosure

Your 408(b)(2) fee disclosure will clearly define each type of the costs associated with the operation the plan, such as:

  • Investment management
  • Recordkeeping
  • Compliance and testing
  • Asset custody
  • Reporting, disclosures and communications

Open Architecture

ANB offers an open architecture investment menu that is completely free of any proprietary product requirements. Unlike other platforms where you may be required to utilize a certain percentage of proprietary funds, we are independent from the investment options selected for the plan, so we are able to evaluate their propriety and performance without bias toward the managers of those products.

Imagine it this way: If you’re using Big Fund Company for 401(k) servicing, how likely are they to terminate the Big Fund Company Large Cap Growth Fund Manager from the fund line-up when that investment under-performs? We call that “product bias”.

Revenue Sharing

Revenue sharing refers to fees paid by mutual fund companies to service providers for performing recordkeeping functions, shareholder servicing and/or sub-transfer agency services to retirement plans. We use all revenue sharing payments generated by funds to offset plan expenses.

Get a free benchmarking report

The new 408(b)(2) fee disclosure notice should have made clear what everyone’s business retirement plan costs. Sadly, some providers complied with the “letter of the law” but ignored the “spirit”, which was to help employers understand the costs. If you are still struggling to fully understand your fee disclosures, we will review your disclosure notices, calculate your current costs and benchmark your fees against similar plans in your industry.

Recordkeeping & Third Party Administration

ANB and its affiliated vendor companies will provide participant recordkeeping and administration by doing the follow:

  • Monthly Participant Statements
  • Quarterly Plan Statements
  • IRS Reporting (5500, 1099)
  • 404c Compliance
  • ADP, ACP, HCE and coverage testing

Payroll Processing

The most critical component of your plan’s management is payroll processing. The plan sponsor site provides an easy-to-use program for submission of recurring payroll contributions. After sending a payroll file, the Data Validation Center will provide simple confirmation or error messages. We will assist you with any errors you receive to ensure a timely and accurate payroll process for your plan.

Plan Sponsor Tools

In order for you to operate your plan effectively, evaluate your plan design and monitor your participant’s use of the benefit, you need access to plan data. Your Plan Sponsor website provides several reports that are updated and posted on a quarterly basis. In addition to these reports, you are able to enter specific parameters into every report including data range, employee population, divisions and file output (Text, PDF, Excel or Word).

  • View Plan Balances
  • Share Prices/Held
  • Forfeitures
  • Monitor Performance
  • View Payroll
  • Plan Highlights
  • View Participant Accounts
  • Approve Distributions
  • Generate Reports

Plan Compliance


We perform compliance testing on an annual basis as part of our administrative services. Numerous tests need to be performed on a retirement plan to ensure the plan doesn’t unfairly favor highly compensated employees (HCEs) over non-highly compensated employees, or that plan participants do not contribute more than the allowable IRS amounts.

We will perform all of the required tests and discuss each result in depth with you. If your plan fails any test, we will provide suggestions on how to mitigate the chance for this recurring. Additionally, depending on your plan’s design, we will support the following testing requirements for additional fees:

  • New Comparability Plans
  • Age-weighted Plans
  • Affiliated Service Group Plans
  • Controlled Group Plans
  • Mid-year Nondiscrimination ADP/ACP testing on a projected basis
  • 414(s) if required and all information is provided

Audit Support

For plans with more than 100 participants, an annual audit is required. We prepare a standard audit package that will satisfy the data needs of most audits. To obtain additional data, you can grant the auditor access to run reports via the Plan Sponsor website. However, should the auditor require additional information that is not available through our numerous on demand reports, we will provide any reports necessary to ensure that the auditor has access to any data necessary to perform the audit.


Plan level reports

The plan will receive a quarterly trust statement showing the assets in the plan. An Annual Plan Review is provided quarterly and contains a high level summary of the plan, including:

  • Cash flow (contributions, transfers and withdrawals)
  • Contributions by fund
  • Net transfers by fund
  • Participation by age
  • Salary deferral percentages by age
  • Contribution amounts by age

Participant Statements

We believe your participants deserve to know about their retirement plan in simple, easy-to-understand terms. We supply an electronic or paper statement to all participants on a quarterly basis. Our statements show activity by source and by investments. It also designates balances both by asset class, as well as by fund. Finally, all participants will receive an investment performance summary that shows historical returns for each fund available in the plan.

Participant Website

On the participant website, your participants can request distributions and loans, view account balances, transfer funds, or view an electronic version of their statement. Your participants will also be able to pull information on funds within the plan’s fund lineup and view their current rate of return. As the plan sponsor, you will have the ability to post important messages to your participants. These messages can be fully customized to your needs and can alert your participants to unused employer match or important deadlines.

Personalized Expense Ratio

Every participant wants to know what they’re paying for their account. Our fees are fully disclosed to participants online, in their quarterly statement, and through the Personalized Expense Ratio Report. With the Personalized Expense Ratio, your participants will be shown the following information:

  • Beginning Balance
  • Ending Balance
  • Plan Fees
  • Average Participant Fees

Participant Enrollment & Education

Through newsletters, enrollment meetings, and web-based training programs, ANB’s Retirement Services division will provide ongoing education and communications to you and your plan participants regarding the design of their retirement plan, savings calculations, and investment options. Our customized Participant Enrollment Kit will include your cover letter, plan highlights, information about the fund lineup and performance data, investment options, questionnaires, fund fact sheets and fillable PDF forms for those participants who wish to complete applications online.

Participant Communications

The most essential component of your retirement plan is making sure that your employees enroll. Your employees will have questions about the plan, and about their approach to retirement savings, and the investments within the plan lineup. We will assist you with presentations, periodic communications, newsletters, disclosures and education at your enrollment meetings. Our goal is to assist your employees by answering key questions.

ANB Financial Services products are Not a Deposit | Not FDIC-Insured | Not Insured By Any Federal Government Agency | Not Guaranteed By The Bank | May Go Down In Value