401(k) Companies in Fairview Heights, IL

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401(k) Companies in Fairview Heights, IL A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Fairview Heights, IL. Initiating a 401(k) plan with trustworthy 401(k) advisors is a wonderful way for small and mid-sized businesses in Fairview Heights, IL to appeal to and retain employees, incentivize great performance, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to secure 401(k) companies in Fairview Heights, IL for over 20 years. Call us today at 314-930-401(k) or contact us online to learn more about how Correct Capital can help your Fairview Heights, IL business and your employees flourish.

As of 2020, defined-contribution (DC) plans such as 401(k)s comprise $9.9 trillion of the total $32.3 trillion in retirement plan capital 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 under 50 employees offer a 401(k) plan to their employees, and over a third have no current intentions to do so. A different study found that a 401(k) plan is the only avenue many Americans have for putting money aside for retirement.

The J.P. Morgan survey stated that the most common motivation for employers to inquire about 401(k) companies and offer a plan was to encourage their employees to save responsibly for retirement. In order to do this fruitfully for your valued employees, it is essential to consult a trustworthy, independent retirement planning advisory firm like Correct Capital based in Fairview Heights, IL.

There are numerous benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many dependable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and unique situation. Certain plans work better for certain companies, and our Fairview Heights, IL 401(k) advisors help identify the best 401(k) company and plan for you and your employees. As independent advisors, there is no limit to which 401(k) companies we can work with . From offering investment education, advising individual employees on retirement planning, and assisting you understand how to best execute a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a crucial facet of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Fairview Heights, IL 401(k) Companies

The advantages of offering retirement planning to staff through 401(k) companies are obvious. Thirty-nine percent of employers who did not offer 401(k) plans said that their business was not generating sufficient profit. But there are many reasons why implementing a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) consultants at Correct Capital will put together an extensive guide to the many advantages certain programs will have for you. Among them are:


Attracting and Retaining Talent | Fairview Heights, IL 401(k) Companies

We're in the middle of the Great Resignation; a recent survey found 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 provides a 401(k) plan. What better way to retain your best employees than letting them know you care about their financial security, even after they've moved on?


Motivating Employees | Fairview Heights, IL 401(k) Companies

Many Fairview Heights, IL businesses give greater contributions when their employees reqach particular performance goals. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to sustain their production.


Plan Startup Tax Credits | Fairview Heights, IL 401(k) Companies

Small and medium companies are able to obtain a tax credit for plan startup expenses if they fulfill three requirements dictated by the IRS:

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

The tax credit is available for up to three years, and there is a different tax credit for adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Additional Tax Advantages

Apart from the startup tax credit, the IRS offers two added tax benefits for implementing a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they do not surpass the limits set out in Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and posses tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Fairview Heights, IL companies. We'll work 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) advisors in Fairview Heights, IL is that we offer financial planning as a perk to plan participants. Through group education gatherings, we'll make sure your employees understand the best investment options for themselves, are aware of how your 401(k) plan functions, and recognize how it's helping them. We can also have one-on-one sessions to discuss financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their prior employer, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Fairview Heights, IL 401(k) Companies

The Fairview Heights, IL 401(k) consultants at Correct Capital can help your companies implement many 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 includes numerous investment options. Employers may equal what their employees put in. Taxes are paid 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. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after continuing the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses who need a cost-effective way to offer their employees a retirement plan. Similar to a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. However, 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 pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, except that the employer must make contributions that are fully vested when made. In return for required contributions, the IRS does not perform its yearly nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Fairview Heights, IL company and your employee's retirement needs to find the best type of 401(k) plan for you.

Other services we offer in Fairview Heights, IL include:

401(k) Advising Fairview Heights, IL | 401(k) Companies | Retirement Planning Near Fairview Heights

The Correct Capital Difference | Fairview Heights, IL 401(k) Companies

Correct Capital is unique among Fairview Heights, IL 401(k) advisors because we provide the level of personalized care as smaller advisory firms, but pair it with the same wisdom, experience, and connections as larger firms. We offer independent and objective counsel, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical responsibility to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets nationwide. Call us at 314-930-401(k) or contact us online to talk over your 401(k) needs today.


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