401(k) Companies in St. Louis County, MO
401(k) Companies in St. Louis County, MO. Establishing a 401(k) plan with trustworthy 401(k) advisors is an excellent way for small and mid-sized companies in St. Louis County, MO to draw and retain employees, incentivize great performance, and receive those much-needed tax breaks. Correct Capital Wealth Management has been connecting companies with dependable 401(k) companies in St. Louis 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 St. Louis County, MO 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 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 under 50 employees provide a 401(k) plan to their employees, and more than 33% have no present intentions to do so. An additional 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 stated that the most common motivation for employers to inquire about 401(k) companies and provide a plan was to incentivize their employees to put money aside conscientiously for retirement. In order to do this effectively for your prized employees, it is crucial to reach out to a trustworthy, independent retirement planning advisory firm like Correct Capital based in St. Louis County, MO.
There are various benefits to utilizing Correct Capital's 401(k) services. Correct Capital partners with many reliable and stable 401(k) companies to offer you and your employees the retirement solutions that work for your best interests and individual situation. Certain plans work better for certain businesses, and our St. Louis County, MO 401(k) advisors help recognize the best 401(k) company and plan for you and your employees. As independent advisors, 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 navigate how to best carry out a great 401(k) policy as an employer, Correct Capital’s 401(k) consultant services are an indispensable aspect of any 401(k) plan.
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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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Advantages of Offering a 401(k) Plan | St. Louis County, MO 401(k) Companies
The advantages of offering 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 bringing in enough earnings. But there are many reasons why implementing a 401(k) plan for your employees may be best for your bottom line in the end. The 401(k) consultants at Correct Capital will put together an extensive guide to the various benefits certain programs will have for you. Among them are:
Attracting and Retaining Talent | St. Louis County, MO 401(k) Companies
We're going through the Great Resignation; a recent survey stated that 55% of Americans expected to look for a different job in 2021 and 2022. Workers feel 45% more confident about their retirement when their employer provides a 401(k) plan. What better way to hold on to your best employees than letting them know you care about their financial well-being, even after they've left the workforce?
Motivating Employees | St. Louis County, MO 401(k) Companies
Many St. Louis County, MO businesses offer increased contributions when specific performance goals are met. Incentivizing a 401(k) plan, such as offering a Profit-Sharing Contribution Plan, can be a great way to keep your best employees motivated to continue their production.
Plan Startup Tax Credits | St. Louis County, MO 401(k) Companies
Small and medium companies can receive a tax credit for plan startup expenses if they meet three requirements stipulated by the IRS:
- You had 100 or fewer workers who received a minimum of $5,000 in compensation from you the preceding year.
- You had a minimum of one plan participant who was a non-highly compensated employee.
- In the three years prior, 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 a different tax credit for adding an automatic enrollment feature to a new or extant 401(k) plan.
Additional Tax Advantages
Besides the startup tax credit, the IRS offers two extra tax benefits for having a 401(k) program:
- Employer contributions are tax-deductible to to the point that they do not exceed the limits set out in Section 404 of the Internal Revenue Code.
- Elective deferrals and investment gains are not taxed and enjoy tax deferral until distribution.
Correct Capital's financial advisors also offer extensive tax planning services to St. Louis County, MO companies. We'll work to reduce your tax liability as part of our 401(k) services.
Employee Education
One of the things that makes Correct Capital different from other 401(k) consultants in St. Louis County, MO 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, know how your 401(k) program works, and recognize how it's helping them. We can also use one-on-one sessions to talk over financial portfolio and asset management with individual employees. When a new employer joins your team and they had a 401(k) plan with their prior company, we can offer assistance with their 401(k) rollover.
Types of 401(k) Plans | St. Louis County, MO 401(k) Companies
The St. Louis County, MO 401(k) advisors at Correct Capital can help your companies implement 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 program that offers a wide array of investment options. Employers may match what their employees put in. Taxes are paid when the savings and earnings are withdrawn.
- Roth 401(k) Plans: Roth plans are similar to traditional plans, other than the fact that contributions are made with money you have already paid taxes on. Income obtained in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws money after preserving the account for 5 years and they are 59-½ years old or older.
- SIMPLE 401(k) Plans: These plans exist specifically for small businesses looking for a cost-efficient way to offer their workers retirement benefits. Like a traditional 401(k) plan, you can withhold money from an employee's paycheck as their contribution. But, the employer must make either:
- An equal contribution of no more than 3% of a worker's earnings; or
- A non-elective contribution of 2% of an employee's pay.
- Safe Harbor 401(k) Plans: Safe Harbor plans are similar to to regular 401(k)s, other than the fact 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.
When we first meet with you, we'll get to know your St. Louis 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 St. Louis County, MO include:
- Succession Planning
- Fiduciary Financial Advisor
- Company 401(k) Plans
- ESOP Advisor
- Self-Employed Retirement Plans
The Correct Capital Difference | St. Louis County, MO 401(k) Companies
Correct Capital is unique among St. Louis County, MO 401(k) advisors because we offer the degree of individualized attention as smaller financial firms, but combine it with the same wisdom, experience, and connections as larger firms. We provide independent and objective counsel, always geared toward doing what's in your best interest; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to connect businesses to 401(k) companies for over 25 years and presently represent over $230 million in total plan assets nationwide. Call us at 877-930-4015 or contact us online to discuss your 401(k) needs today.
