401(k) Companies in Madison County, IL

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 dependable 401(k) advisors is an excellent way for medium and small businesses in Madison County, IL to attract and retain employees, encourage great work, and obtain those much-desired tax breaks. Correct Capital Wealth Management has been connecting businesses with trustworthy 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 comprise $9.9 trillion of the total $32.3 trillion in retirement plan funds 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 businesses in the United States with less than 50 employees provide a 401(k) plan to their employees, and more than one-third have no present aim to do so. A further study found that a 401(k) plan is the only avenue many Americans have for setting money aside for retirement.

The J.P. Morgan survey found that the most common incentive for employers to look into 401(k) companies and provide a plan was to incentivize their employees to set money aside responsibly for retirement. In order to do this successfully for your best employees, it is critical to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in Madison County, IL.

There are numerous benefits to utilizing 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 work for your needs and unique situation. Certain plans work better for certain businesses, and our Madison County, IL 401(k) advisors help identify the best 401(k) company and plan for you and your employees. As an independent advisory firm, there is no limit 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 carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are a vital part of any 401(k) program.

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Benefits of Offering a 401(k) Plan | Madison County, IL 401(k) Companies

The advantages of providing retirement planning to employees through 401(k) companies are evident. Thirty-nine percent of employers who did not offer 401(k) plans gave their reason as being that their business was not bringing in enough income. But there are numerous reasons why initiating a 401(k) plan for your employees could be best for your bottom line in the end. The 401(k) advisors at Correct Capital will compile an all-inclusive guide to the various benefits certain programs 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 stated that 55% of Americans anticipated looking for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer offers a 401(k) plan. What better way to keep your favorite employees than assuring them that you care about their financial well-being, even after they are no longer working for you?

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

Many Madison County, IL businesses give greater contributions when particular performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be an excellent 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 are able to get a tax credit for plan startup expenses if they fulfill three requirements stipulated by the IRS:

  1. You had 100 or fewer workers who collected at least $5,000 in compensation from you the preceding year.
  2. You had at least one plan participant who was a non-highly compensated employee.
  3. 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 obtainable for a maximum of three years, and there is a different tax credit for attaching an automatic enrollment feature to a new or extant 401(k) plan.

Further Tax Advantages

In addition to the startup tax credit, the IRS offers two further tax benefits for sponsoring a 401(k) program:

  1. Employer contributions are tax-deductible to to the point that they do not surpass the limits dictated 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 extensive tax planning services to Madison County, IL residents and employers. We'll work to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the things that sets Correct Capital apart from other 401(k) advisors in Madison County, IL is that we offer financial planning as a benefit to plan participants. With group education gatherings, we'll make sure your employees know the ideal investment opportunities for themselves, are aware of how your 401(k) program works, and understand how it's benefiting them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual staff. When you hire a new employee that had a 401(k) plan with their previous company, we can help 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 initiate many different plans through several 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 match their employees' contributions. Taxes are deducted when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are similar to traditional plans, with the exception contributions are made with after-tax dollars. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the employee takes money out after preserving the account for 5 years and they are at least 59-½ years old.
  • SIMPLE 401(k) Plans: These plans exist specially for small businesses looking for a cost-efficient way to offer their staff a retirement plan. Similar to a traditional 401(k) plan, you can 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 pay; or
    • A non-elective contribution of 2% of a worker's earnings.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, but the employer must make contributions that are fully vested when made. In return for required contributions, the IRS does not carry out its yearly nondiscrimination tests.

In our first meeting, we'll get to know your Madison County, IL business 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 offer the level of personalized care as smaller advisory firms, but pair it with the same wisdom, accomplishment, and partnerships as larger firms. We provide independent and objective counsel, always with your best interest in mind; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for more than 25 years and currently 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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