Small Business Employer-Sponsored Retirement Plans from WesBanco.

Business Retirement Plans

Pension Plans, SEP IRAs, Profit Sharing Plans and more to help employees plan for retirement

Retirement Plan Services for Your Business

In addition to individual retirement accounts, the Retirement Benefits Team at WesBanco offers businesses employer-sponsored retirement plan options. A business retirement plan can enhance your company offerings through a cost-effective savings plan available to owners and their employees. With WesBanco, customizing a small or mid-sized business retirement plan that fits your budget is easy and affordable. If you already have an employer-sponsored retirement plan in place, we can review it and offer recommendations at no cost or obligation.

As your business shifts and grows, you may find your established retirement plan is getting difficult to manage or no longer fits your budget and employee needs. Our retirement plan services offer the option to add WesBanco as Corporate Trustee for a business retirement plan, reducing a company’s fiduciary liability. We will also serve as an investment manager for the plan or help develop a diversified investment menu for participant directed accounts. WesBanco has a comprehensive list of retirement plan services we are able to provide to our business customers including:

  • Document services
  • Record keeping
  • Educational meetings
  • Tax reporting
  • Form 5500 completion

Learn more about the different small business retirement plans available from WesBanco to choose the one that best suits the needs of your company and employees.

Employer-Sponsored Retirement Plans

SEP IRAs

A SEP IRA, unlike a traditional qualified plan, has minimal IRS reporting and disclosure requirements for compliance. With this business retirement plan, the employer makes contributions to the IRA of each plan participant, not into an employer trust account, thereby simplifying the accounting process. Any type of business entity, including a sole proprietorship, partnership or corporation, as well as certain tax-exempt organizations, can establish a SEP IRA for its employees.

401(k), Roth 401(k) and Safe Harbor 401(k) Plans

  • A 401(k) plan is a type of profit-sharing plan that includes an elective salary deferral provision. Typically, the employer has the ability to make a matching contribution, as well as a profit-sharing contribution allocated to all eligible participants. The employer must meet several nondiscrimination tests, which may limit the amounts deferred by certain highly-paid employees.
  • A Roth 401(k) plan is a feature that permits participants to make after-tax salary deferrals into a 401(k) plan
  • A Safe Harbor 401(k) plan is not subject to nondiscrimination tests; therefore, all employees have the opportunity to maximize deferrals

Defined Benefit Plans (Pension Plans)

A defined benefit pension plan is designed to provide a specific benefit amount at retirement. This is the traditional pension plan in which the employer bears the risk of providing the promised level of retirement benefits to participants.

Profit-Sharing Plans

Profit-sharing plans offer both design flexibility and discretion as to how contributions are made. Company contributions are determined by the employer and can be allocated in a number of ways. If the company makes little or no profit during a year, no contribution is required, although low profits do not restrict the contribution level.

Money Purchase Plans

A money purchase plan is a type of defined-contribution plan that is similar to a profit-sharing plan, except that the contribution amounts are fixed rather than variable. Thus, employers are required to make annual contributions to each employee’s account regardless of the company’s profitability for the year. These employer-sponsored retirement plans can be used in conjunction with profit-sharing plans to achieve the maximum contribution levels allowed each year.

Talk to a WesBanco Retirement Planning Team Member Today

Our retirement specialists will help you customize a retirement plan to fit your business and your budget.

Or call: 1(800) 905-9043

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1 (800) 905-9043.

WesBanco Bank, Inc. is a Member FDIC