The cost of providing employee benefits are escalating--with a direct impact on profitability. The employment marketplace demands medical benefits and disability income to attract and retain qualified personnel.

At Bank of Arkansas Insurance Services we can help you select flexible and affordable insurance plans to meet the needs of your business--large or small. Both fully insured and self-funded plans are available. Our experienced specialists will design a program to help you control costs.

Retirement Plans
A business retirement plan is an intelligent and profitable investment, reaping tax benefits for business owners. Choosing the best retirement plan can be a challenging task. Our professionals will help you select a retirement plan designed to fit your business and help employees plan for retirement. You can select traditional defined benefit plans and defined contribution plans, such as 401(k) plans, SIMPLE plans, SEPs and SARSEPS. We can provide the tools you need to actively manage your plan. Our options include a wide range of investment choices, customized employee education/communication programs, plan administration, daily recordkeeping and 24-hour account information.

Cafeteria Plans
What is a "Cafeteria Plan"? A Cafeteria Plan is a benefit plan established by an employer which allows each employer to choose from a menu of qualified benefits with the employee cost of selected benefit(s) paid on a pre-tax basis. Examples of qualified benefits are medical plans, cancer insurance, group term life, accident and dental plans.

Congress passed a law that allowed employers to set up cafeteria or flexible benefit plans. The purpose of the plans was to allow employees to pay for certain benefits, like dependent/child care, unreimbursed medical expenses, and insurance premiums with before-tax dollars.

The government actually placed its seal of approval on a great way for the average taxpayer to save taxes! Under a full cafeteria plan, wages contributed by employees for employer-sponsored benefits plans are not subject to federal, social security, or state taxes. The result is the employee's net take home pay increases by the amount of their tax savings.

We invite you to explore the possibility of installing a Cafeteria Plan which will allow an employee to have more flexibility in choosing the right coverage for his or her family.

Golden Handcuff Deferred Compensation Plans
Most businesses have key employees they would like to tie to the business on a long term basis. They commonly refer to this concept as "Golden Handcuffs." Many employers will limit contributions to qualified retirement plans for a variety of reasons. However, frequently they put money away for key people if the individual agrees to work a few years before becoming vested. We can design plans specifically for your business that give you maximum retention possibilities with your key people.


401(k) Retirement Plan Supplement for Highly Compensated Executives
Planning for retirement can be challenging for anyone. Increasingly stringent tax laws concerning qualified retirement plans, such as 401(k) plans, are limiting tax-deferred investments for the highly paid executive. Key personnel affected by limits on contributions to qualified plans need services designed specifically to help them prepare for retirement. The Executive Retirement Plan from Bank of Arkansas is just such a tool.

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