401(k) Companies in Eureka, MO
A Great 401(k) Plan Benefits You and Your Employees
401(k) Companies in Eureka, MO. Establishing a 401(k) plan with dependable 401(k) advisors is a great way for medium and small companies in Eureka, MO to attract and hold onto employees, incentivize great performance, and get those much-needed tax breaks. Correct Capital Wealth Management has been introducing companies to trusted 401(k) companies in Eureka, MO for more than two decades. Call us today at 314-930-401(k) or contact us online to find out more about what Correct Capital can do for your Eureka, MO business and employees.
As of 2020, defined-contribution (DC) plans like 401(k)s constitute $9.9 trillion of the total $32.3 trillion in retirement plan funds held in the United States, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all businesses in the United States with less than 50 employees offer a 401(k) plan as an employee benefit, and more than one-third have no present intentions to do so. Another 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 motive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this successfully for your valued employees, it is important to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Eureka, MO.
There are countless benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and safe 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and individual situation. Certain plans work better for certain companies, and our Eureka, MO 401(k) advisors help identify the preferred 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 financial planning education, counseling individual employees on retirement planning, and assisting you maneuver how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a crucial aspect of any 401(k) plan.
Advantages of Offering a 401(k) Plan | Eureka, MO 401(k) Companies
The benefits 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 bringing in enough profit. But there are a lot of reasons why implementing a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the many benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | Eureka, MO 401(k) Companies
We're going through the Great Resignation; a recent survey stated that 55% of Americans anticipated looking for a new job in 2021 and 2022. Workers feel 45% more at-ease about their retirement when their employer has a 401(k) plan. What better way to hold on to your favorite employees than assuring them that you care about their financial health, even after they are no longer working for you?
Incentivizing Employees | Eureka, MO 401(k) Companies
Many Eureka, MO employers offer greater contributions when certain performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your best employees motivated to maintain their production.
Plan Startup Tax Credits | Eureka, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup expenses if they satisfy three requirements laid out by the IRS:
- You had under 100 workers who collected at least $5,000 in compensation from you the previous year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- Your business did not already have a retirement plan benefiting substantially the same employees during the three years preceding the year for which you are claiming credit.
The tax credit is accessible for a maximum of three years, and there is another tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.
Additional Tax Benefits
Other than the startup tax credit, the IRS offers two other tax benefits for implementing a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits dictated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.
One of the aspects that sets Correct Capital apart from other 401(k) consultants in Eureka, MO is that we offer financial planning as a benefit to your participating employees. With group education gatherings, we'll make sure your employees recognize the ideal investment options for themselves, understand how your 401(k) program works, and see how it's serving them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual employees. When a new employer joins your team and they had a 401(k) plan with their old employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Eureka, MO 401(k) Companies
The Eureka, MO 401(k) consultants at Correct Capital can help your business initiate several different plans through a variety of different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored program that offers a range of investment options. Employers may 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, with the exception contributions are made with money you have already paid taxes on. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after maintaining the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans exist specially for small businesses who want a cost-efficient way to offer their staff a retirement plan. Like 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 no more than 3% of an employee's pay; or
- A non-elective contribution of 2% of a staff members pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, with the exception the employer is required to make contributions that are fully vested when made. In consideration of for required contributions, the IRS does not perform its annual nondiscrimination tests.
In our initial meeting, we'll gain an understanding of your Eureka, MO company and your employee's retirement needs to offer the best type of 401(k) plan for you.
Other services we offer in Eureka, MO include:
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
- 401(k) For Small Business
- Small Business Retirement Plans
- Tax Planning
- Social Security Consultants Near Me
- Retirement Calculator
- Retirement Planning
- Rollover 401(k)
The Correct Capital Difference | Eureka, MO 401(k) Companies
Correct Capital is distinctive among Eureka, MO 401(k) advisors because we offer the degree of personalized attention as smaller advisory firms, but combine it with the same knowledge, professionalism, and partnerships as larger firms. We provide independent and objective guidance, always intended to do what's best for you; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for more than 25 years and currently 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.