To help our employees meet their goals for financial security, AmTrust Bank offers two plans: a Profit Sharing Retirement Plan and a 401(k) Savings Plan.
Profit Sharing Plan
Employees generally become participants of the Profit Sharing Plan on January 1 after their hire date. The Bank's contribution to a participant's account (minimum 1,000 hours of service) occurs after the conclusion of each calendar year and is based on a participant's annual earnings. The amount of contribution depends upon profits and therefore varies each year. Vesting occurs after three years of service.
401(k) Plan
Employees are eligible to enroll in the 401(k) Savings Plan as of the first calendar quarter following one month of employment. Employees may invest up to 30% of their pay in the Plan and choose from among 12 investment options. Vesting occurs after three years of employment.