401(k) Companies in Jefferson County, MO

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

401(k) Companies in Jefferson County, MO. Initiating a 401(k) plan with trustworthy 401(k) advisors is a great way for small and mid-sized companies in Jefferson County, MO to draw and hold onto employees, incentivize great production, and receive those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to trustworthy 401(k) companies in Jefferson County, MO for over two decades. Call us today at 314-930-401(k) or contact us online to discover more about how Correct Capital can help your Jefferson County, MO business and your employees thrive.

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, according to the Investment Company Institute. Still, according to a 2020 survey by J.P. Morgan, less than 50% of all employers in the United States with under 50 employees provide a 401(k) plan to their employees, and over one-third have no present intentions to do so. Another 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 reported that the most common incentive for employers to research 401(k) companies and offer a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this successfully for your best employees, it is critical to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Jefferson County, MO.

There are a great deal of advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and individual situation. Certain plans are more appropriate for certain employers, and our Jefferson County, MO 401(k) advisors help recognize the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no restriction to which 401(k) companies we can work with . From offering financial planning education, counseling individual employees on retirement planning, and assisting you understand how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an invaluable part of any 401(k) plan.

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Benefits of Offering a 401(k) Plan | Jefferson County, MO 401(k) Companies

The benefits of offering retirement planning to workers through 401(k) companies are apparent. Almost 40% of employers who did not offer 401(k) plans said that their reason was that their company was not bringing in enough earnings. But there are many reasons why setting up 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 myriad advantages certain plans will have for you. Among them are:

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

We're enduring the Great Resignation; a recent survey stated that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers are 45% more confident about their retirement when their employer has 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?

Motivating Employees | Jefferson County, MO 401(k) Companies

Many Jefferson County, MO companies give greater contributions when specific performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to maintain their production.

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

Small and medium companies are able to get a tax credit for plan startup expenses if they meet three requirements laid out by the IRS:

  1. You had 100 or fewer staff who were paid a minimum of $5,000 in compensation from you the previous year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. Your company did not already have a retirement plan covering substantially the same employees during the three years preceding the year for which you are claiming credit.

The tax credit is obtainable for up to three years, and there is a further tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.

Further Tax Advantages

Other than the startup tax credit, the IRS offers two extra tax benefits for having 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 benefit of tax deferral until distribution.

Correct Capital's financial advisors also offer comprehensive tax planning services to Jefferson County, MO businesses. We'll strive to lower 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 Jefferson County, MO is that we offer financial planning as a benefit to plan participants. Through group education gatherings, we'll ensure your employees know the ideal investment options for themselves, know how your 401(k) plan works, and understand 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 you hire a new employee that had a 401(k) plan with their old company, we can help them with their 401(k) rollover.

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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 a variety of 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 a wide array of investment options. Employers are able to equal what their employees put in. Taxes are paid when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are analogous traditional plans, but contributions are made with money you have already paid taxes on. Gains obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual takes funds out after maintaining 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 need a cost-effective way to offer their employees a retirement plan. Like 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 no more than 3% of a staff members 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, but the employer is required to make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not perform its annual nondiscrimination tests.

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

Other services we offer in Jefferson County, MO include:

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

Correct Capital is unique among Jefferson County, MO 401(k) advisors because we offer the degree of individualized care as smaller financial firms, but pair it with the same knowledge, accomplishment, and partnerships as larger firms. We provide independent and objective counsel, always geared toward doing what's best for you; as an Accredited Investment Fiduciary®, it's our legal and ethical obligation to do so. Our retirement consultants have been trusted to connect employers to 401(k) companies for more than two decades and currently represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to discuss your 401(k) needs today.

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