401(k) Companies in Jefferson County, MO
401(k) Companies in Jefferson County, MO. Initiating 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 retain employees, incentivize great production, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing companies to dependable 401(k) companies in Jefferson County, MO for over 20 years. Call us today at 877-930-4015 or contact us online to learn 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 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 half of all companies in the United States with under 50 employees provide a 401(k) plan to their employees, and more than one-third have no current aim to do so. Another study found that a 401(k) plan is the only vehicle many Americans have for saving for retirement.
The J.P. Morgan survey stated that the most common motive for employers to explore 401(k) companies and provide a plan was to incentivize their employees to put money aside responsibly for retirement. In order to do this successfully for your valued employees, it is critical to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Jefferson County, MO.
There are a great deal of advantages to using Correct Capital's 401(k) services. Correct Capital partners with many trusted and stable 401(k) companies to put forward for you and your employees the retirement solutions that are in your best interests and individual circumstances. Specific plans are more apt for certain employers, and our Jefferson County, MO 401(k) advisors help locate the preferred 401(k) company and plan for you and your employees. As independent advisors, there is no restriction to which 401(k) companies we can connect you to . From offering financial planning education, advising individual employees on retirement planning, and assisting you maneuver how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a crucial part of any 401(k) program.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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Benefits of Offering a 401(k) Plan | Jefferson County, MO 401(k) Companies
The benefits of offering retirement planning to employees through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans said that their company was not bringing in sufficient profit. But there are countless reasons why initiating a 401(k) plan for your employees may be best for your bottom line down the road. The 401(k) consultants at Correct Capital will compile a comprehensive guide to the myriad benefits 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 found that 55% of Americans expected to search for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer provides a defined contribution plan. What better way to keep your best employees than letting them know their financial security is important to you, even after they are no longer working for you?
Motivating Employees | Jefferson County, MO 401(k) Companies
Many Jefferson County, MO companies give increased contributions when their employees accomplish specific performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your employees' motivation high and to maintain their performance.
Plan Startup Tax Credits | Jefferson County, MO 401(k) Companies
Small and medium companies are able to collect a tax credit for plan startup expenses if they fulfill three requirements dictated by the IRS:
- You had less than 100 employees who collected a minimum of $5,000 in compensation from you the year prior.
- You had a minimum of 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 benefited substantially the same employees.
The tax credit is available for up to three years, and there is another tax credit for attaching an automatic enrollment feature to a new or existing 401(k) plan.
Further Tax Benefits
In addition to the startup tax credit, the IRS offers two added tax benefits for sponsoring a 401(k) plan:
- Employer contributions are tax-deductible to to the point that they do not surpass the limits stipulated by Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and have the advantage of tax deferral until distribution.
Correct Capital's financial advisors also offer extensive 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 aspects that sets Correct Capital apart from other 401(k) consultants in Jefferson County, MO is that we offer financial planning as a perk to your participating employees. Through group education gatherings, we'll ensure your employees know the ideal investment options for themselves, understand how your 401(k) plan functions, and appreciate how it's benefiting them. We can also have one-on-one sessions to talk over financial portfolio and asset management with individual employees. 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.
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 implement 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 plan that offers numerous investment options. Employers may equal what their employees put in. Taxes are taken out when the savings and gains are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, except 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 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 exist specially for small businesses who want a cost-effective way to offer their staff 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 up to 3% of an employee's earnings; 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, except that the employer must make contributions that are fully vested when made. In exchange for for required contributions, the IRS does not conduct its annual nondiscrimination tests.
In our first meeting, we'll gain an understanding of your Jefferson County, MO company and your employee's retirement needs to identify 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
The Correct Capital Difference | Jefferson County, MO 401(k) Companies
Correct Capital stands out among Jefferson County, MO 401(k) advisors because we offer the degree of individualized attention as smaller financial firms, but combine it with the same knowledge, professionalism, and connections as larger firms. We provide independent and objective advice, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to introduce businesses to 401(k) companies for more than two decades and presently represent over $230 million in total plan assets across the United States. Call us at 877-930-4015 or contact us online to go over your 401(k) needs today.
