401(k) Companies in Jefferson County, MO
401(k) Companies in Jefferson County, MO. Setting up a 401(k) plan with dependable 401(k) advisors is a wonderful way for medium and small companies in Jefferson County, MO to attract and hold onto employees, incentivize great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been connecting companies with trustworthy 401(k) companies in Jefferson County, MO for more than two decades. Call us today at 314-930-4015 or contact us online to find out more about what Correct Capital can do for your Jefferson County, MO business and employees.
As of 2020, defined-contribution (DC) plans such as 401(k)s constitute $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 50% of all companies in the United States with less than 50 employees provide a 401(k) plan to their employees, and over 33% have no current intent to do so. A further study found that a 401(k) plan is the only instrument many Americans have for putting money aside for retirement.
The J.P. Morgan survey stated that the most frequent reason for employers to research 401(k) companies and offer a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this successfully for your prized employees, it is critical to reach out to a trusted, independent retirement planning advisory firm like Correct Capital based in Jefferson County, MO.
There are numerous benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to bring you and your employees the retirement solutions that serve your best interests and specific situation. Certain plans are more apt for certain businesses, and our Jefferson County, MO 401(k) advisors help locate 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 financial planning 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 part of any 401(k) program.
Benefits of Offering a 401(k) Plan | Jefferson County, MO 401(k) Companies
The advantages of providing retirement planning to workers through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their business was not generating enough revenue. But there are numerous reasons why initiating a 401(k) plan for your employees could end up being best for your bottom line. The 401(k) advisors at Correct Capital will put together an all-inclusive guide to the many advantages certain programs will have for you. Among them are:
Recruiting and Retaining Talent | Jefferson County, MO 401(k) Companies
We're going through the Great Resignation; a recent survey found that 55% of Americans anticipated searching for a different job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer offers a retirement plan. What better way to hold on to your favorite employees than letting them know you care about their financial well-being, even after they are no longer working for you?
Incentivizing Employees | Jefferson County, MO 401(k) Companies
Many Jefferson County, MO companies offer higher contributions when their employees reqach certain performance goals. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a successful way to keep your employees' motivation high and to continue their performance.
Plan Startup Tax Credits | Jefferson County, MO 401(k) Companies
Small and medium companies can get a tax credit for plan startup costs if they fulfill three requirements stipulated by the IRS:
- You had under 100 staff who were paid at least $5,000 in compensation from you the year prior.
- You had at least one plan participant who was a non-highly compensated employee.
- 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 up to three years, and there is a different tax credit for attaching an automatic enrollment feature to a new 401(k) plan or one you already had.
Further Tax Benefits
Other than the startup tax credit, the IRS offers two extra tax benefits for sponsoring a 401(k) plan:
- 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.
- Elective deferrals and investment gains are not taxed and benefit from tax deferral until distribution.
Correct Capital's financial advisors also offer extensive tax planning services to Jefferson County, MO residents and employers. We'll work to decrease your tax liability as part of our 401(k) services.
Employee Education
One of the facets that makes Correct Capital different from other 401(k) consultants in Jefferson County, MO is that we offer financial planning as a perk to plan participants. With group education gatherings, we'll make certain your employees know the best investment options for themselves, understand how your 401(k) plan functions, and see how it's helping them. We can also use one-on-one meetings to discuss financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their previous employer, we can help them with their 401(k) rollover.
Types of 401(k) Plans | Jefferson County, MO 401(k) Companies
The Jefferson County, MO 401(k) consultants at Correct Capital can help your companies initiate several different plans through many different 401(k) companies. The most common plans are:
- Traditional 401(k) Plans: This is an employer-sponsored plan that offers a range of investment options. Employers are able to equal their employees' contributions. Taxes are deducted when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are much the same traditional plans, other than the fact that contributions are made with after-tax dollars. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes funds out after preserving the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans exist specifically for small businesses looking for a cost-efficient way to offer their staff a retirement plan. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. However, the employer must make either:
- An equal contribution of up to 3% of a staff members pay; or
- A non-elective contribution of 2% of an employee's earnings.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, with the exception the employer must make contributions that are fully vested when made. In return for required contributions, the IRS does not conduct its annual nondiscrimination tests.
In our initial meeting, we'll gain an understanding of your Jefferson County, MO company and your employee's retirement needs to find the best type of 401(k) plan for you.
Other services we offer in Jefferson County, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- 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
The Correct Capital Difference | Jefferson County, MO 401(k) Companies
Correct Capital is distinctive among Jefferson County, MO 401(k) advisors because we provide the degree of personalized care as smaller advisory firms, but couple it with the same knowledge, accomplishment, and partnerships as larger firms. We provide independent and objective advice, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral duty to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets throughout the United States. Call us at 314-930-4015 or contact us online to discuss your 401(k) needs today.
