Page 24 - BusinessWest January 23, 2023

CREDIT UNIONS RANKED BY TOTAL ASSETS
CREDIT UNONS
ASSETS
LOANS
SHARES
PRESIDENT/CEO
$1,557,669,672
792,410,103
683,394,959
631,833,069
387,637,675
251,736,599
247,928,009
243,499,383
194,525,306
140,490,628
135,190,134
87,894,449
29,750,954
GREYLOCK FEDERAL CREDIT UNION
1
2
3
4
5
6
7
8
9
10
11
12
13
All figures through Sept. 30, 2022
Continued from page 22
$1,190,524,760
666,836,435
483,465,861
452,792,703
201,563,125
200,308,963
103,431,567
106,321,048
135,314,320
101,633,545
97,064,937
42,323,912
9,218,655
“There are many investment choices that are possible in a 401(k) plan.
Also, many plans are associated with
a financial advisor who will offer education to your employees, possibly helping them save more for retirement.”
with the funds drawn directly from their paycheck. There are no setup fees for the business owner and no employer matches or testing requirements. The employees own their account if they change jobs. Many people are eligible to contribute to a Traditional IRA, but having the deduction made through payroll makes the plan more accessible.
As an additional motivation for a small business to set up a retirement plan, the federal government has been increasing the incentives to the business owner
$1,415,571,920
645,767,748
554,105,565
573,262,755
337,438,970
223,205,545
218,833,443
206,671,667
178,743,448
118,417,499
120,596,465
81,072,210
26,876,921
John Bissell
James Kelly
Glenn Welch
Richard Kump
David Plantier
Jennifer Calheno
Jennifer St. Peter
Michael Murphy
Adam Corcoran
Anabela Grenier
Michael Ostrowski
Michelle Dwyer
Nancy Canino
150 West St., Pittsfield, MA 01201 (413) 236-4000; www.greylock.org
POLISH NATIONAL CREDIT UNION
46 Main St., Chicopee, MA 01020 (413) 592-9495; www.pncu.com
FREEDOM CREDIT UNION
1976 Main St., Springfield, MA 01103 (413) 739-6961; www.freedom.coop
UMASSFIVE COLLEGE FEDERAL CREDIT UNION
200 Westgate Center Dr., Hadley, MA 01035 (413) 256-5500; www.umassfive.coop
MASSMUTUAL FEDERAL CREDIT UNION
1295 State St., Springfield, MA 01111 (413) 744-3431; www.massmutualfcu.org
LUSO FEDERAL CREDIT UNION
599 East St., Ludlow, MA 01056
(413) 589-9966; www.lusofederal.com
GREATER SPRINGFIELD CREDIT UNION
1030 Wilbraham Road, Springfield, MA 01109 (413) 782-3161; www.grscu.org
HOLYOKE CREDIT UNION
490 Westfield Road, Holyoke, MA 01040 (413) 532-7007; www.holyokecu.com
ALDEN CREDIT UNION
710 Grattan St., Chicopee, MA 01020 (413) 536-0475; www.aldencu.com
PIONEER VALLEY FEDERAL CREDIT UNION
246 Brookdale Dr., Springfield, MA 01104 (413) 733-2800; www.pioneervalley.coop
ARRHA CREDIT UNION
145 Industry Ave., Springfield, MA 01104 (413) 732-9812; www.arrhacu.com
FRANKLIN FIRST FEDERAL CREDIT UNION
57 Newton St., Greenfield, MA 01301 (413) 774-6700; www.franklinfirst.org
MYCOM FEDERAL CREDIT UNION
101 Fenn St., Pittsfield, MA 01201 (413) 442-6501; www.mycomcu.org
>>
Plans
employees. There is no annual filing, and you usually use a financial advisor to set it up and choose the investments.
The limit for an employee’s contribution is $15,500 in 2023, or $19,000 if the employee is over age 50. The reductions can come directly from payroll, and the employee can decide how much to contribute. The employer must either contribute 2% of each employee’s compensation or match 100% of employ- ees’ contributions up to 3% of their salary (which
can be lowered to 1% in any two of five years). This plan is attractive to many small-business owners as the administration overhead is drastically reduced compared to a 401(k), and there is a relatively small matching contribution that needs to be made.
Lastly, I have helped a few small businesses set up a Payroll Deduction IRA. This is the perfect solution for an owner that would like to enable their employ- ees to save for retirement but may not have the funds for matches or administration. In this type of plan, the employee can contribute up to the Traditional IRA limit ($6,500 if under age 50 and $7,500 if over),
with tax credits. The owner can deduct up to 50%
or $500 of plan startup and administration costs for the first three years of the plan. Additional tax credits may become available as our government continues to encourage retirement saving. Consult your financial advisor or an employee-benefits specialist to set up a plan. BW
Barbara Trombley is a financial planner with Wilbraham-based Trombley Associates Investment and Retirement Planning; (413) 596-6992. Securities offered through LPL Financial. Member FINRA/SIPC. Advisory services offered through Trombley Associates, a registered investment advisor and separate entity from LPL Financial. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this education material.
24 JANUARY 23, 2023 << BANKING & FINANCIAL SERVICES >> BusinessWest