401(k) Companies in Weldon Spring, MO

401(k) Companies in Weldon Spring, MO A Great 401(k) Plan Benefits You and Your Employees

401(k) Companies in Weldon Spring, MO. Establishing a 401(k) plan with trusted 401(k) advisors is an excellent way for medium and small companies in Weldon Spring, MO to attract and retain employees, incentivize great work, and get those much-desired tax breaks. Correct Capital Wealth Management has been introducing employers to trusted 401(k) companies in Weldon Spring, MO for over two decades. Call us today at 314-930-401(k) or contact us online to find out more about how Correct Capital can help your Weldon Spring, MO business and your employees prosper.

As of 2020, defined-contribution (DC) plans such as 401(k)s constitute $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 half of all businesses in the United States with under 50 employees offer a retirement plan as an employee benefit, and more than one-third have no present intentions to do so. A further study found that a 401(k) plan is the only instrument many Americans have for setting money aside for retirement.

The J.P. Morgan survey found that the most frequent motivation for employers to look into 401(k) companies and provide a plan was to encourage their employees to put money aside conscientiously for retirement. In order to do this fruitfully for your best employees, it is important to turn to a trustworthy, independent retirement planning advisory firm like Correct Capital based in Weldon Spring, MO.

There are numerous benefits to using Correct Capital's 401(k) services. Correct Capital partners with many dependable and secure 401(k) companies to put forward for you and your employees the retirement solutions that are in your best interests and individual situation. Certain plans work better for certain employers, and our Weldon Spring, MO 401(k) advisors help determine the preferred 401(k) company and plan for you and your employees. As independent retirement consultants, there is no limit to which 401(k) companies we can work with . From offering financial planning education, guiding 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) advisory services are a crucial facet of any 401(k) program.

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Advantages of Offering a 401(k) Plan | Weldon Spring, MO 401(k) Companies

The benefits of offering retirement planning to workers through 401(k) companies are obvious. Almost 40% of employers who did not offer 401(k) plans said that their business was not bringing in enough earnings. But there are many reasons why implementing a 401(k) plan for your employees may end up being best for your bottom line. The 401(k) advisors at Correct Capital will compile a comprehensive guide to the myriad benefits certain plans will have for you. Among them are:


Attracting and Retaining Talent | Weldon Spring, MO 401(k) Companies

We're living through the Great Resignation; a recent survey found that 55% of Americans thought they would look for a new job in 2021 and 2022. Workers are 45% more assured about their retirement when their employer offers a retirement plan. What better way to hang on to your hardest working employees than assuring them that you care about their financial well-being, even after they are no longer working for you?


Incentivizing Employees | Weldon Spring, MO 401(k) Companies

Many Weldon Spring, MO companies give greater contributions when their employees achieve specific performance goals. Incentivizing a 401(k) plan, for instance, offering a Profit-Sharing Contribution Plan, can be a great way to keep your employees' motivation high and to keep up their performance.


Plan Startup Tax Credits | Weldon Spring, MO 401(k) Companies

Small and medium companies can get a tax credit for plan startup expenses if they fulfill three requirements stipulated by the IRS:

  1. You had 100 or fewer employees who collected a minimum of $5,000 in compensation from you the preceding year.
  2. You had a minimum of one plan participant who was a non-highly compensated employee.
  3. Your company 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 obtainable for a maximum of 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 Benefits

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

  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 benefit from tax deferral until distribution.

Correct Capital's financial advisors also offer extensive tax planning services to Weldon Spring, MO companies. We'll strive to decrease your tax liability as part of our 401(k) services.

Employee Education

One of the facets that sets Correct Capital apart from other 401(k) advisors in Weldon Spring, MO is that we offer financial planning as a benefit to your participating employees. With group education meetings, we'll make sure your employees know the ideal investment options for themselves, are aware of how your 401(k) plan functions, and understand how it's serving them. We can also have one-on-one meetings to go through financial portfolio and asset management with individual employees. When you hire a new employee that had a 401(k) plan with their previous employer, we can offer assistance with their 401(k) rollover.

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Types of 401(k) Plans | Weldon Spring, MO 401(k) Companies

The Weldon Spring, MO 401(k) advisors at Correct Capital can help your companies set up 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 offers numerous investment options. Employers can equal what their employees put in. Taxes are deducted when the savings and gains are withdrawn.
  • Roth 401(k) Plans: Roth plans are much the same traditional plans, other than the fact that contributions are made with after-tax dollars. Income made in the plan, such as interest, dividends, or capital gains, is tax-free when the individual withdraws funds after maintaining the account for 5 years and they are 59-½ years old or older.
  • SIMPLE 401(k) Plans: These plans are specially for small businesses who want a cost-effective way to offer their staff a retirement plan. Like a traditional 401(k) plan, you can take money out of an employee's paycheck as their contribution. But, the employer must make either:
    • A matching contribution of no more than 3% of an employee's earnings; 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 conduct its yearly nondiscrimination tests.

When we first meet with you, we'll gain an understanding of your Weldon Spring, MO business and your employee's retirement needs to identify the best type of 401(k) plan for you.

Other services we offer in Weldon Spring, MO include:

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The Correct Capital Difference | Weldon Spring, MO 401(k) Companies

Correct Capital stands out among Weldon Spring, MO 401(k) advisors because we provide the degree of individualized care as smaller advisory firms, but couple it with the same wisdom, professionalism, and partnerships as larger firms. We provide independent and objective counsel, always with your best interest at heart; as an Accredited Investment Fiduciary®, it's our legal and moral responsibility to do so. Our retirement consultants have been trusted to introduce companies to 401(k) companies for over two decades and presently 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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