401(k) Companies in Brentwood, MO

401(k) Companies in Brentwood, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Brentwood, MO. Setting up a 401(k) plan with trustworthy 401(k) advisors is a great way for medium and small companies in Brentwood, MO to appeal to and hold onto employees, incentivize great work, and receive those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to secure 401(k) companies in Brentwood, MO for over 20 years. Call us today at 314-930-401(k) or contact us online to discover more about what Correct Capital can do for your Brentwood, MO business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $9.9 trillion of the total $32.3 trillion in retirement plan assets held in the United States, as reported by the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than half of all employers in the United States with less than 50 employees offer a 401(k) plan to their employees, and more than a third have no present intentions to do so. A different study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.

The J.P. Morgan survey reported that the most frequent motivation for employers to look into 401(k) companies and provide a plan was to encourage their employees to set money aside conscientiously for retirement. In order to do this effectively for your prized employees, it is important to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Brentwood, MO.

There are numerous advantages to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to bring you and your employees the retirement solutions that work for your needs and specific circumstances. Certain plans work better for certain companies, and our Brentwood, MO 401(k) advisors help identify the best 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restraint to which 401(k) companies we can connect you to . From offering investment education, advising individual employees on retirement planning, and assisting you navigate how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are an indispensable part of any 401(k) program.

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Advantages of Offering a 401(k) Plan | Brentwood, MO 401(k) Companies

The advantages of providing retirement planning to employees through 401(k) companies are clear. Thirty-nine percent of employers who did not offer 401(k) plans said that their company was not generating enough revenue. But there are a lot of reasons why setting up a 401(k) plan for your employees might wind up being best for your bottom line. The 401(k) consultants at Correct Capital will put together an extensive guide to the many benefits certain plans will have for you. Among them are:


Recruiting and Retaining Talent | Brentwood, MO 401(k) Companies

We're enduring the Great Resignation; a recent survey stated that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer offers a defined contribution plan. What better way to hang on to your favorite employees than letting them know you care about their financial health, even after they are no longer working for you?


Motivating Employees | Brentwood, MO 401(k) Companies

Many Brentwood, MO businesses give increased contributions when their employees achieve particular performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your employees' motivation high and to continue their production.


Plan Startup Tax Credits | Brentwood, MO 401(k) Companies

Small and medium companies can obtain a tax credit for plan startup costs if they satisfy three requirements dictated by the IRS:

  1. You had 100 or fewer staff who collected a minimum of $5,000 in compensation from you the preceding year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. In the three preceding years, you did not already have a retirement plan in place that covered substantially the same employees.

The tax credit is obtainable for a maximum of three years, and there is a different tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.

Additional Tax Benefits

In addition to the startup tax credit, the IRS offers two added tax benefits for sponsoring a 401(k) plan:

  1. Employer contributions are tax-deductible to the extent that the contributions do not go over the limits stipulated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Brentwood, MO residents and employers. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the features that sets Correct Capital apart from other 401(k) consultants in Brentwood, MO is that we offer financial planning as a perk to your participating employees. Through group education gatherings, we'll make sure your employees know the best investment options for themselves, understand how your 401(k) program functions, and understand how it's helping them. We can also use one-on-one meetings to go through financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their previous company, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Brentwood, MO 401(k) Companies

The Brentwood, MO 401(k) consultants at Correct Capital can help your business set up a variety of different plans through many different 401(k) companies. The most common plans are:

  • Traditional 401(k) Plans: This is an employer-sponsored plan that includes a range of investment options. Employers are able to equal their employees' contributions. Taxes are taken out when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, however contributions are made with after-tax dollars. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after continuing the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are in place specially for small businesses who want a cost-effective way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • A matching contribution of up to 3% of a worker's pay; or
    • A non-elective contribution of 2% of a worker's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, however they must include employer contributions that are fully vested when made. In exchange for for required contributions, the IRS does not carry out its annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Brentwood, MO company and your employee's retirement needs to identify the ideal type of 401(k) plan for you.

Other services we offer in Brentwood, MO include:

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The Correct Capital Difference | Brentwood, MO 401(k) Companies

Correct Capital stands out among Brentwood, MO 401(k) advisors because we provide the degree of individualized attention as smaller financial firms, but pair it with the same knowledge, professionalism, and connections as larger firms. We provide independent and objective direction, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for over two decades and presently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.


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