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BARNETT OFFERS RETIREMENT PLANS TO SMALL BUSINESSES

 JACKSONVILLE, Fla., Oct. 28 /PRNewswire/ -- Barnett Bank (NYSE: BBI) has introduced a comprehensive line of retirement products specifically designed for small businesses.
 By providing an easy method of selecting a retirement plan, Barnett is tapping into a market that has been virtually ignored.
 Barnett is targeting companies with less than $5 million in sales or 50 or fewer employees. Of the 780,000 small businesses in Florida and Georgia, only 20 percent offer any type of retirement plan. Insurance companies and brokerage firms, the traditional leaders in the retirement market, have focused on companies with 100 to 500 employees.
 Barnett is among the few providers marketing a full menu of retirement plans. In addition to the simplified process in selecting and administering a plan through Barnett, companies can take advantage of inexpensive costs.
 Barnett is offering four plans:
 -- Simplified Employee Pension (SEP): The easiest of all the plans, it offers a way for companies to contribute to Individual Retirement Accounts (IRAs) for their employees at higher limits than the employees would be allowed on an individual basis. With this plan, employees make their own investment selections.
 -- Profit Sharing Plan: This plan is similar to the SEP plan; however, the employer makes the investment decisions.
 -- 401(K) Plan: This profit sharing plan enables employees to make contributions through salary deferral.
 -- Money Purchase Plan: This plan provides higher contribution and deduction limits than the other plans; however, the employer must contribute a fixed percentage every year.
 "Small business owners are looking for simplicity, low cost, and ease of administration in a retirement plan," said Susan Smith, business retirement specialist for Barnett. "Barnett's plans will meet those needs, as well as provide valuable tax benefits by sheltering some of their income."
 Barnett also offers small businesses specialized checking accounts featuring low monthly charges, loan products specially designed to meet small business needs, VISA business cards and 24-hour access to information on their bank accounts through Barnett Business SuperPhone and The Barnett Connection personal computer link.
 With $37 billion in assets and 632 offices in Florida and Georgia, Barnett Banks, Inc. is the leading financial institution in Florida and the 19th largest in the United States. The company's stock is listed on the New York Stock Exchange.
 -0- 10/28/93
 /CONTACT: Bob Stickler of Barnett Banks, 904-791-5437, or, home, 904-396-9284/
 (BBI)


CO: Barnett Banks, Inc. ST: Florida IN: FIN SU: PDT

RA-BN -- AT013 -- 7956 10/28/93 13:07 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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