Welcome to The Sanibel Captiva Trust Company website. Please read the following Legal Disclaimer/Terms and Conditions of Use carefully.
By using our website, you represent that you are at least 18 years of age and agree to be bound by the following terms and conditions. We reserve the right to amend, add to or remove provisions from this Legal Disclaimer/Terms and Conditions of Use at any time by posting changes on this website. Your use of this website after such posting signifies your consent to the amended terms and conditions.
Persons who access the material made available on this website agree to the following:
Regulatory Restrictions. No security, or other product or service, including investment advisory services, is offered or will be sold in any jurisdiction in which such offer or solicitation; purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. No such security, product or service is offered or will be sold in any jurisdiction by an entity or person that is not properly licensed to do so in such jurisdiction. Some products and services may not be available in all states. The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. We do not claim that information on this website is appropriate or available for use outside of the United States.
Limitation of Liability. No security, or other product or service, including investment advisory services, is offered or will be sold in any jurisdiction in which such offer or solicitation; purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. No such security, product or service is offered or will be sold in any jurisdiction by an entity or person that is not properly licensed to do so in such jurisdiction. Some products and services may not be available in all states. The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. We do not claim that information on this website is appropriate or available for use outside of the United States.
Third-Party Content. We are not responsible for the content of any website operated by a third-party that may be linked to our website via hyperlink, whether such link is provided by us or by a third-party. We do not guarantee, and undertake no effort to verify, the accuracy, timeliness or completeness of the content of any website to which we may link, including any information about us appearing on any other site. By providing access to other websites, we are not recommending the purchase of any product or service provided by the sponsors of such websites. Although the information provided to you on our website is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data, including, without limitation, charts, graphs, historical and market data, made available to you for any particular purpose.
Privacy. The security or privacy of your e-mail communications is not guaranteed. We take the matter of your privacy quite seriously. As a visitor to this website, we may collect information about you if you voluntarily choose to send us an e-mail, request information, provide information to us, or ask to be contacted. We may, in turn, use this information to provide you with updated information about the products and services we offer. We may disclose nonpublic personal information about you to such third parties to assist us in servicing your account with us; to government regulators; and in response to subpoenas. We do not disclose any nonpublic personal information about you to any other third parties, except as authorized by you. Certain employees may be given the information you provide to respond to your requests. Our employees are instructed and have agreed to handle this information confidentially. Other sites to which our website is hyperlinked may have their own terms and conditions. Their privacy policies may differ from our policies. We are not aware of nor responsible for the privacy practices employed by other websites.
Copyrights and Restrictions on Use of Materials. Our website is protected by applicable copyright law. We maintain all ownership of copyrights in the text and graphic images and logos contained in this website as well as the functionality of the website. The information in this website is provided for the personal viewing of the readers and may not be distributed, modified, or used without our prior written consent. If you download or print any information from this website, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such information. You may not reproduce, transmit, modify, link into, or use for any public or commercial purpose any part of this website without our express prior written permission. Unauthorized attempts to upload information or change information on this website are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and The National Information Infrastructure Protection Act of 1996. Unauthorized modification of any information stored on this system may result in criminal prosecution.
Password-Protected Areas. Some of the material in our website is password-protected and access to those areas is restricted to authorized users only. The user in password-protected areas is responsible for any use of the password and for maintaining the confidentiality of the password.
Viruses. Because of the marked increase in the fabrication and proliferation of computer viruses affecting the Internet, we want to warn you about the possibility of infections or viral contaminations on your system. It is your responsibility to scan any and all downloaded materials received from the Internet. We are not responsible or liable for any damages caused by such hazards.
Miscellaneous. These terms and conditions shall be governed in all respects by the laws of the State of Florida. Any legal action or other legal proceeding relating to these terms and conditions or our website shall be brought exclusively in a state or federal court located in Florida. You expressly and irrevocably consent and submit to the jurisdiction of such courts.
These terms and conditions, as amended from time to time on this website, constitute the full and entire understanding and agreement between us and you with respect to your use of our website, and may not be amended or waived orally or through a course of dealing. In case any provision of these terms and conditions shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Mutual Funds and Other Securities:
NOT FDIC INSURED
NOT GUARANTEED
MAY LOSE VALUE
Registered Trademarks
Rollover IRA Disclosures
The Sanibel Captiva Trust Company (SCTC) is a fiduciary for certain transactions under the Employee Retirement Income Security Act. When the Trust Company provides investment advice to you regarding your retirement plan account, such as a 401(k), or individual retirement account (IRA), we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way the Trust Company makes money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interests ahead of yours.
The Trust Company provides a Fee Schedule, and our fee, except for certain unique assets, is charged as a percentage of total assets in your account, so we receive more compensation as your account value grows. The Trust Company does not add a mark-up for securities trading in your account and does not currently offer proprietary products or products offered by an affiliate or engage in any fee-driven recommendations. If we were to pay a referral fee to a third-party, it is taken from our fee. We may pay our employees additional compensation for revenues earned from client accounts. This creates incentives for our employees to encourage you to move your assets to SCTC and to produce greater revenues by charging higher fees. We do not provide recommendations or act as a fiduciary under the retirement laws regarding your decision to roll assets out of an IRA or workplace retirement plan and into an IRA at SCTC. We will only provide you with general information and education about the options available for you to make a decision based on your personal financial needs and savings objectives. Below are a few of the Pros and Cons of a few of the options available related to a rollover of retirement plan assets to an IRA, or from an existing IRA to another IRA at SCTC.
Roll over your 401(k) to a Traditional IRA at SCTC
Pros:
Your money can continue to grow tax deferred.
You should have access to investment choices including individual stocks and bonds that are not available in your former employer's 401(k) or a new employer's plan.
You may be able to consolidate several retirement accounts into a single IRA to simplify investment management, and your fee can decline as you add more assets to your account per our Fee Schedule.
You may be able to stretch IRA distributions out over a longer period of time.
You will be assigned a Portfolio Manager who will be easy to access and can actively manage your investments, and you will also be assigned a Client Service Associate and will also have access to our professional staff.
You will have access to personalized Financial Planning.
Cons:
You cannot borrow against an IRA as you can with a 401(k).
You may have higher fees than you would with the 401(k). Obtain your current fees to compare to our Fee Schedule.
Whether or not you are still working at age 72 required minimum distributions (RMDs) are required from Traditional IRAs.
Roll over your 401(k) to a Roth IRA at SCTC
Pros:
You can roll Roth 401(k) contributions and earnings directly into a Roth IRA tax-free.
Any additional contributions and earnings can grow tax-free.
You are not required to take RMDs.
You should have access to investment choices including individual stocks and bonds that are not available in your former employer's 401(k) or a new employer's plan.
You will be assigned a Portfolio Manager who will be easy to access and can actively manage your investments, and you will also be assigned a Client Service Associate and will have access to our professional staff.
You will have access to personalized Financial Planning.
You can consolidate multiple retirement accounts into a single Roth IRA to simplify management.
Cons:
You cannot borrow against a Roth IRA as you can with a 401(k).
Any Traditional 401(k) assets that are rolled into a Roth IRA are subject to taxes at the time of conversion.
You may pay annual fees or other fees for maintaining your Roth IRA, or you may face higher investing fees than you did with your 401(k). Obtain your current fees to compare to our Fee Schedule.
Your IRA assets are generally protected from creditors only in the case of bankruptcy.
Rolling over company stock may have negative tax implications.
Leave your money in your former employer's plan if your former employer permits it
Pros:
No immediate action is required.
Any earnings remain tax-deferred until you withdraw them.
You still have the option of rolling over to an IRA or to a 401(k) offered by a new employer in the future, if the new employer's plan accepts rollovers.
Under federal law, assets in a 401(k) are typically protected from claims by creditors.
Your former employer's plan may have lower administrative and/or investment fees and expenses than a new 401(k) or an IRA.
If you leave your job between ages 55 and 59½, you may be able to take penalty-free withdrawals.
Required minimum distributions (RMDs) may be delayed beyond age 72 if you are still working.
Cons:
If you hold stock in your former employer in the plan, you may have special tax or financial planning needs you should consider before rolling over your assets to a new employer's 401(k) or an IRA.
You can no longer contribute to a former employer's 401(k).
Your range of investment choices and your ability to transfer assets among funds may be limited.
Managing savings left in multiple plans can be complicated.
The fees and expenses for your former employer's 401(k) may be higher than those for a new employer's 401(k) or an IRA.
Rolling over an existing IRA into an IRA at SCTC
Pros:
Your money can continue to grow tax deferred.
You may be able to hold all of your investment and retirement accounts at SCTC to simplify investment management, and your fee may decline as you add more assets to your account per our Fee Schedule.
You will be assigned a Portfolio Manager who will be easy to access and will actively manage your investments, and a Client Service Associate, and will have access to our professional staff.
You will have access to personalized Financial Planning.
Cons:
You may pay higher fees than you did with your existing IRA.
You may not have the same investment performance as with your existing IRA.
A rollover of retirement plan assets to an IRA is not your only option and is an important decision. Carefully consider all of your available options which may include but not be limited to keeping your assets in your former employer's plan; rolling over assets to a new employer's plan; or taking a cash distribution (taxes and possible withdrawal penalties may apply). A rollover of an existing IRA to an IRA at SCTC is also not your only option and is an important decision. Prior to a decision, be sure to understand the benefits and limitations of your available options and consider factors such as differences in investment related expenses, plan or account fees, available investment options, distribution options, legal and creditor protections, the availability of loan provisions, tax treatment, state law considerations, and other concerns specific to your individual circumstances. Depending on the type of account you have, there are different rules for withdrawals, penalties, and distributions. Please consider all these factors before opening your account, and please ask our Trust Company professionals if you have any questions regarding these factors prior to opening your account.
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