401(k) Companies in O'Fallon, IL

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401(k) Companies in O'Fallon, IL A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in O'Fallon, IL. Setting up a 401(k) plan with dependable 401(k) advisors is a great way for small and mid-sized companies in O'Fallon, IL to attract and hold onto employees, encourage great performance, and obtain those much-needed tax breaks. Correct Capital Wealth Management has been introducing companies to dependable 401(k) companies in O'Fallon, IL for more than 20 years. Call us today at 314-930-401(k) or contact us online to learn more about what Correct Capital can do for your O'Fallon, IL business and employees.

As of 2020, defined-contribution (DC) plans like 401(k)s accounted for $9.9 trillion of the total $32.3 trillion in retirement plan funds 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 companies in the United States with under 50 employees offer a 401(k) plan as an employee benefit, and over a third have no present aim to do so. An additional study found that a 401(k) plan is the only vehicle many Americans have for setting money aside for retirement.

The J.P. Morgan survey found that the most common incentive for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to set money aside conscientiously for retirement. In order to do this effectively for your best employees, it is important to turn to a trusted, independent retirement planning advisory firm like Correct Capital based in O'Fallon, IL.

There are various advantages to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and secure 401(k) companies to offer you and your employees the retirement solutions that serve your needs and specific situation. Certain plans work better for certain companies, and our O'Fallon, IL 401(k) advisors help pick out the preferred 401(k) company and plan for you and your employees. As an independent advisory firm, there is no restraint 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 implement a great 401(k) policy as an employer, Correct Capital’s 401(k) advisory services are a vital facet of any 401(k) program.

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Benefits of Offering a 401(k) Plan | O'Fallon, IL 401(k) Companies

The advantages of offering retirement planning to workers through 401(k) companies are evident. Almost 40% of employers who did not offer 401(k) plans said that their company was not bringing in sufficient income. 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 extensive guide to the myriad benefits certain plans will have for you. Among them are:

Recruiting and Retaining Talent | O'Fallon, IL 401(k) Companies

We're going through the Great Resignation; a recent survey discovered that 55% of Americans anticipated searching 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 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 | O'Fallon, IL 401(k) Companies

Many O'Fallon, IL businesses offer higher 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 performance.

Plan Startup Tax Credits | O'Fallon, IL 401(k) Companies

Small and medium companies can obtain a tax credit for plan startup expenses if they meet three requirements dictated by the IRS:

  1. You had 100 or fewer staff who collected a minimum of $5,000 in compensation from you the previous year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. Your business 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 adding an automatic enrollment feature to a new 401(k) plan or one you already had.

Additional Tax Advantages

Other than the startup tax credit, the IRS offers two further tax benefits for having a 401(k) plan:

  1. Employer contributions are tax-deductible to to the point that they do not go over the limits dictated by Section 404 of the Internal Revenue Code.
  2. Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.

Correct Capital's financial advisors also offer all-inclusive tax planning services to O'Fallon, IL businesses. We'll strive to decrease 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 O'Fallon, IL is that we offer financial planning as a benefit to your participating employees. With group education meetings, we'll make certain your employees recognize the best investment opportunities for themselves, know how your 401(k) plan functions, and appreciate how it's benefiting them. We can also use one-on-one sessions to go through financial portfolio and asset management with individual staff. When a new employer joins your team and they 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 | O'Fallon, IL 401(k) Companies

The O'Fallon, IL 401(k) consultants at Correct Capital can help your companies initiate a variety of 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 can match 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, however contributions are made with money you have already paid taxes on. Gains made in the plan, such as interest, dividends, or capital gains, is tax-free when the employee withdraws money after preserving 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 looking for a cost-effective way to offer their staff retirement benefits. Like a traditional 401(k) plan, you may withhold money from an employee's paycheck as their contribution. But, the employer must make either:
    • An equal contribution of up to 3% of an employee's pay; or
    • A non-elective contribution of 2% of an employee's pay.
  • Safe Harbor 401(k) Plans: Safe Harbor plans are analogous to regular 401(k)s, however the employer is required to make contributions that are fully vested when made. In return for required contributions, the IRS does not carry out its annual nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your O'Fallon, IL business and your employee's retirement needs to offer the best type of 401(k) plan for you.

Other services we offer in O'Fallon, IL include:

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The Correct Capital Difference | O'Fallon, IL 401(k) Companies

Correct Capital is unique among O'Fallon, IL 401(k) advisors because we offer the degree of personalized care as smaller financial firms, but couple it with the same savvy, experience, and connections as larger firms. We provide independent and objective advice, always intended to do what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and ethical duty to do so. Our retirement consultants have been trusted to introduce employers to 401(k) companies for over two decades 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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