401(k) Companies in Madison County, IL

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

401(k) Companies in Madison County, IL. Establishing a 401(k) plan with trustworthy 401(k) advisors is a wonderful way for medium and small companies in Madison County, IL to appeal to and hold onto employees, encourage great performance, and receive those much-needed tax breaks. Correct Capital Wealth Management has been connecting companies with secure 401(k) companies in Madison County, IL for more than two decades. Call us today at 314-930-401(k) or contact us online to discover more about what Correct Capital can do for your Madison County, IL business and employees.

As of 2020, defined-contribution (DC) plans such as 401(k)s accounted for $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 less than 50 employees provide a retirement plan to their employees, and more than a third have no current intent to do so. Another 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 found that the most frequent reason for employers to look into 401(k) companies and offer a plan was to encourage their employees to save conscientiously for retirement. In order to do this successfully for your valued employees, it is crucial to consult a trusted, independent retirement planning advisory firm like Correct Capital based in Madison County, IL.

There are various benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many trusted and secure 401(k) companies to put forward for you and your employees the retirement solutions that work for your needs and specific situation. Certain plans work better for certain businesses, and our Madison County, IL 401(k) advisors help pick out the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restriction to which 401(k) companies we can connect you to . From offering investment education, advising individual employees on retirement planning, and assisting you understand how to best implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital aspect of any 401(k) program.

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Advantages of Offering a 401(k) Plan | Madison County, IL 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 generating enough profit. 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 compile an extensive guide to the many benefits certain plans will have for you. Among them are:

Attracting and Retaining Talent | Madison County, IL 401(k) Companies

We're in the middle of the Great Resignation; a recent survey found that 55% of Americans anticipated searching for a new job in 2021 and 2022. Workers feel 45% more assured about their retirement when their employer has a 401(k) plan. What better way to keep your hardest working employees than assuring them that you care about their financial security, even after they are no longer working for you?

Incentivizing Employees | Madison County, IL 401(k) Companies

Many Madison County, IL employers give higher contributions when certain performance goals are met. Incentivizing a 401(k) plan, for example, offering a Profit-Sharing Contribution Plan, can be an effective way to keep your employees' motivation high and to maintain their production.

Plan Startup Tax Credits | Madison County, IL 401(k) Companies

Small and medium companies can get a tax credit for plan startup costs if they meet three requirements laid out by the IRS:

  1. You had less than 100 employees who received a minimum of $5,000 in compensation from you the year prior.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. 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 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 Benefits

Besides the startup tax credit, the IRS offers two added tax benefits for implementing a 401(k) plan:

  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 benefit from tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Madison County, IL companies. We'll strive 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 Madison County, IL is that we offer financial planning as a perk to your participating employees. With group education gatherings, we'll make certain your employees recognize the ideal investment options for themselves, are aware of how your 401(k) program functions, and recognize how it's helping them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual workers. When you hire a new employee that had a 401(k) plan with their prior employer, we can assist them with their 401(k) rollover.

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Types of 401(k) Plans | Madison County, IL 401(k) Companies

The Madison County, IL 401(k) advisors at Correct Capital can help your business 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 plan that includes a wide array of investment options. Employers can match their employees' contributions. Taxes are deducted when the savings and earnings are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, except that contributions are made with money you have already paid taxes on. Income earned in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after maintaining the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans are in place specially for small businesses who need a cost-effective way to offer their staff retirement benefits. Similar to a traditional 401(k) plan, you may take money out of an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of no more than 3% of a staff members pay; or
    • A non-elective contribution of 2% of a worker's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are much the same to regular 401(k)s, other than the fact that they must include employer contributions that are fully vested when made. In consideration of for required contributions, the IRS does not carry out its annual nondiscrimination tests.

In our first meeting, we'll get to know your Madison County, IL company and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in Madison County, IL include:

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The Correct Capital Difference | Madison County, IL 401(k) Companies

Correct Capital is distinctive among Madison County, IL 401(k) advisors because we provide the degree of individualized care as smaller financial firms, but pair it with the same knowledge, accomplishment, and connections as larger firms. We provide independent and objective direction, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral obligation to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for more than 25 years and at present we represent over $230 million in total plan assets across the United States. Call us at 314-930-401(k) or contact us online to go over your 401(k) needs today.

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