Company 401(k) plans in Creve Coeur, MO. With the present inflation levels as well as a pro-employee job market, a couple of predominant issues have climbed to the top of most Creve Coeur, MO businesses' agendas: cost-saving and hiring and retaining productive workers . Creating a 401(k) plan could help you achieve both of these objectives. Company 401(k) plans not only serve as robust retirement saving tools, but also underscore a business's dedication to their workers' long-term economic security – all while delivering savings for the company in the form of reduced taxes. Thus, company 401(k) plans stand as an investment in a brighter tomorrow – both for the company and for its workers.
In a period flooded with financial products, services, and evolving regulations, maneuvering through the retirement plan landscape is often overwhelming for many Creve Coeur, MO business owners. Businesses need the knowledge of unbiased and independent financial guidance to be on top of their game. That's where Correct Capital Wealth Management enters the picture. If you're considering setting up a company 401(k) plan for your Creve Coeur, MO business, or currently have one and want to modify it, reach out to Correct Capital now at 877-930-4015, or contact us online.
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The Basics and Benefits of Company 401(k) Plans
A 401(k) plan is a tax-advantaged, defined-contribution retirement account employers extend to their employees. Titled after a part of the U.S. Internal Revenue Code, these plans enable employees to set aside and invest some of their paycheck before taxes are deducted (generally). Taxes are not paid until the money is taken out from the account, typically after retirement. For employers, matching contributions in company 401(k) plans can be deducted from the company's taxes.
The relevance of a 401(k) plan extends beyond the current tax benefits. For employees, it represents a systematic and orderly way to get ready for retirement, often supplemented by employer contributions. For employers, offering a 401(k) indicates a dedication to the long-term economic stability of their employees, acting as a crucial tool for recruitment, retention, aand employee satisfaction.
Common Challenges Creve Coeur, MO Businesses Face With Company 401(k) Plans
A company 401(k) plan can be a great addition to your Creve Coeur, MO business. However, setting up, overseeing, and monitoring a 401(k) plan demands careful consideration, clear strategy, and ongoing commitment. Several of the most common challenges businesses encounter include:
Choosing the Most Appropriate Plan
There are countless options out there for businesses in search of company 401(k) plans. Companies need to navigate these to ascertain which plan most aligns with the futures of both their business and employees. Factors such as plan type (for example, traditional vs. Safe Harbor), investment options, and matching contribution percentages all come into play.
Administration Difficulties
Managing a 401(k) plan is an ongoing process. From recordkeeping through to ensuring timely contributions, the managerial responsibilities are substantial. Companies have to stay on top of enrollment periods, distributions, loan provisions, and other details that accompany 401(k) administration.
Ensuring Compliance with Regulations
401(k) plans are governed regulatory oversight, set chiefly by the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Service (IRS). Staying up with these regulations and ensuring consistent compliance is absolutely essential to avoid penalties and sustain the plan's tax-beneficial status.
Teaching Employees About Their Benefits and Choices
A 401(k) plan's success doesn't just depend on its administration; your employees need to get on board and understand the value it provides them. It's crucial to teach employees about the advantages of participating in the plan, the nature of employer matching, and the implications of their investment choices. An educated employee is likely to engage actively and make decisions that align with their financial goals
The best way to mitigate these common concerns collaborating with a trustworthy Creve Coeur, MO financial advisor that can help you understand the options available to you and your requirements and customize a company 401(k) plan that is optimal for your Creve Coeur, MO business.


Correct Capital Wealth Management: Your Trusted Partner in Company 401(k) Planning in Creve Coeur, MO
Your company requires a partner in Creve Coeur, MO that understands your individual needs, drives data-based decision-making, and prioritizes what's in your best interest. Correct Capital Wealth Management stands as a dependable provider of custom 401(k) services in Creve Coeur, MO for numerous companies. Below is what we think makes us different:
- Fiduciary duty — At Correct Capital Wealth Management, we're held to a fiduciary duty. We’re legally and ethically bound to act in your best interest. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™ professionals, we are legally obligated to abide by a Code of Ethics and Standards of Conduct, in which we must:
- Demonstrate truthfulness, integrity, competence, and diligence
- Act in the client's best interests
- Exercise due care
- Avoid or disclose and manage conflicts of interest
- Maintain the confidentiality and safeguard the privacy of client information
- Act in a manner that reflects favorably on the financial planning profession
- Real independence — We're not constrained by partnerships with financial products or institutions. Our independent stance ensures that our advice is solely founded on our professional opinion on what is best for your business, unaffected by external biases or incentives
- Demonstrated experience in company 401(k) plans — Correct Capital brings an established history of experience and success helping both local Creve Coeur, MO and national businesses set up and manage their company 401(k) plans. We currently manage over 30 plans in both small and large companies, and handle over $230 million* in total plan assets throughout the country. (*as of January 2022)
How Correct Capital Adds Value to Company 401(k) Plans in Creve Coeur, MO
Knowledgeable financial advisors understand the nuances of company 401(k) plans in Creve Coeur, MO and diligently seek avenues to optimize benefits for both the business and employees. With our dedication to a customer-focused approach, we offer distinctive value to companies seeking to initiate or enhance their 401(k) plans:
Customized Plan Selection According to Your Company’s Specific Needs
Every company has its own group of goals, culture, employee demographics, and financial situations. At Correct Capital, we recognize this diversity and adapt 401(k) plan options to meet these individual needs. By comprehending what makes your business tick, we're able to design a retirement plan that aligns business and employees' interests.
Streamlined Administration and Continual Management
Dealing with a 401(k) plan can be loaded with administrative tasks. We streamline this process for you. We help monitor how your office is staying updated with compliance checks, timely reporting, and more, and offer you our consultory services to ensure the administrative duties that come with a 401(k) plan are not burdensome. Working with an experienced 401(k) provider in Creve Coeur, MO allows businesses to focus on what they do best, knowing their company 401(k) plan is in good hands.
Employee Education and Participation Efforts
A 401(k) plan is merely as productive as its participation rate. We proactively engage with employees, providing sessions, one-on-one consultations, and digital resources to educate them about what your company 401(k) plan can offer them. By demystifying financial concepts and emphasizing the importance of early and consistent contributions, we aim to elevate employee participation and trust in their retirement planning. With Correct Capital, your employees will have their very own Creve Coeur, MO retirement consultant.
Frequently Asked Questions (FAQs) About Company 401(k) Plans in Creve Coeur, MO
Navigating the intricacies of 401(k) plans can frequently lead to doubts. In our dedication to transparency and client education, we've assembled a list of FAQs about company 401(k) plans in Creve Coeur, MO:
- How are company 401(k) plans funded?
Company 401(k) plans are primarily funded through elective salary deferrals from employees' paychecks. Furthermore, employers can choose to match a segment of the employee's contributions or offer non-elective contributions. Those funds are taken from your company's finances and are tax-deductible.
- What are the advantages of a 401(k) over other retirement options?
Company 401(k) plans offer higher contribution limits than many other retirement options such as IRAs, in addition to likely employer matching, loan provisions, and a greater variety of investment choices. Furthermore, contributions can be made through either traditional or Roth deferrals, offering greater tax flexibility to your employees.
- How do employer matches work in a 401(k) plan?
Employers can choose to match employee contributions up to a certain percentage of the employee's pay. This match can be one-to-one, or a different ratio, and the employee's total contribution, comprising yours and their contributions, cannot exceed a given limit ($66,000 in 2023, with an added $7,500 for people closer to retirement).
- How are 401(k) funds invested?
401(k) funds are usually invested in a selection of options, mostly involving mutual funds, such as target-date funds, large-cap and small-cap funds, real estate funds, and bond funds. As a plan fiduciary, Correct Capital can select and monitor the specific investment choices, and employees can customize their portfolios depending on their risk tolerance and retirement planning needs.
- What are the fees associated with 401(k) plans?
Fees depend largely on the plan provider, investments, or and whether the company wants to pay 401k plan fees. Common fees contain administrative and recordkeeping fees, individual service fees, and investment-related fees. Investment fees for passive (index) fund managers can substantially reduce certain fees. Fees typically range from .5% to 2%, and the average fee is approximately 1% of assets managed.
- What the key responsibilities of an employer offering a company 401(k) plan?
Employers are accountable for picking and monitoring the plan provider, ensuring compliance with federal regulations, providing timely disclosures to employees, and sending employee contributions promptly. As your advisors for your company 401(k) plan in Creve Coeur, MO, Correct Capital can take on a great deal of the fiduciary duty involved off your plate.
Other services we offer in Creve Coeur, MO include:

Call Correct Capital for Your Company 401(k) Plans in Creve Coeur, MO Today
The appropriate guidance when providing your company 401(k) plan in Creve Coeur, MO can make every bit of difference. Correct Capital Wealth Management, based in Creve Coeur, MO, provides fiduciary responsibility and our I.O.U. promise: all the advice we offer will be independent, objective, and unbiased. By teaming up with Correct Capital, you ensure that your company's retirement benefits aren't just compliant and optimized but also adapted to fulfill the unique needs of your company and its employees. Schedule an appointment with one of our financial advisors, reach out us at 877-930-4015, or contact us through our website to get started with your company 401(k) plans in Creve Coeur, MO right away.