Retirement plan consultants in Atlanta, GA. Creating a retirement plan like a 401(k) is a smart step for Atlanta, GA companies and business owners looking for a competitive advantage. Retirement plans are a crucial element in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a committed workforce. But, for businesses that have not established a retirement plan before, or for companies in search of a plan upgrade, the variety of plans available, regulatory compliance, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent Atlanta, GA financial consultancy firm that specializes in assisting companies set up and maintain unique retirement plans for your unique business and workforce. We love exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that guides their leaders. As fiduciary advisors, our primary objective is to act in your best interest. If you're looking for a retirement plan consultant in Atlanta, GA to help create a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or make an appointment with a member of our advisor team today.
Benefits of Starting a Retirement Plan for Your Atlanta, GA Business
To understand what a 401(k) or other retirement plan could mean for your Atlanta, GA business, it's important to look at what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; four out of ten think they might outlive their retirement savings (Source)
- Almost half of retirees say their income wasn't high enough to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
- In one survey, nearly two-thirds of respondents said their largest source of income in retirement will be their 401(k) (Source)
- Three-fifths of employees cited their employers' retirement plan as a reason they remain; nearly half said it's an key reason to join a company; 44% ranked it in their three top most desired benefits (Source)
- More than three-quarters of employees with access to a plan participate (Source)
- Nearly eight in ten of Gen Z and Millennial 401(k) plan participants are looking for personalized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make sound financial decisions with the help of a financial advisor (Source)
Retirement savings is a major concern for most Americans, and Atlanta, GA companies that sponsor retirement plans give themselves a competitive advantage when it comes to securing and keeping valuable employees. Beyond that, there are a host of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Matching contributions are tax-deductible
- Tax-free earnings on assets
- A range of plan choices and the flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, help reduce start up costs
- Higher employee retention lowers the annual cost of turnover
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed until withdrawal
- Contributions are easy to make through payroll deductions
- Small, regular contributions can grow into significant retirement savings
- Participant assets can be rolled over if they change employers
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Atlanta, GA Businesses
If you're thinking about adopting a 401(k) or other plan for your Atlanta, GA business, there are a variety of plan options that may be right for your business:
- 401(k) Plans — The cornerstone of American retirement plans, 401(k)s enable for diverse investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part of their earnings before taxes are deducted. Employers can choose to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions are required to be fully vested when made. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Similar to 401(k)s, 403(b)s are specifically designed for employees of non-profit entities.
- Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans are based on employees contributing a certain amount or percentage of their paycheck, defined benefit plans offer a specific monthly withdrawal in retirement. These plans are primarily employer-funded, and the company bears the investment risk.
- Cash Balance Plans — Cash balance plans are a type of defined benefit plan that tracks each participant's balance in a hypothetical account, which grows annually through employer contributions and an annual interest rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a 401(k). It's an attractive option for businesses looking for a middle ground between the security of pension plans and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a simple way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA established for each employee. SEPs are straightforward to manage, with no significant red tape, and contributions are deductible for the business. They're particularly well-suited for businesses with fluctuating income, as the contribution amounts can be modified annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are tailored to small businesses with 100 or fewer employees. These plans are simpler to manage than 401(k)s but allow employees to contribute a percentage of their salary to the plan, which employers are required to match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses looking to offer a more traditional retirement plan without the red tape associated with larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow employers to make optional contributions to their employees' retirement funds. Contributions are usually made out of the company's profits, giving employees an incentive to contribute to the company's success. These plans can be structured in many ways, offering flexibility in how contributions are calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs give employees with company stock, providing an ownership interest in the business. ESOPs are not only a retirement benefit but also align employees' interests with the company's performance, which can boost productivity and job satisfaction. ESOPs can also complement a company's succession planning as ownership shares can be passed to top employees who will eventually lead of the business.
What Can Correct Capital's Atlanta, GA Retirement Plan Consultants Do for My Business?
Our Atlanta, GA retirement plan consultants are currently managing over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the United States. Our experience and expertise allows us to offer a range of services that include both the initial set up and ongoing support:
- Plan selection — We'll aid in evaluating and selecting the most suitable retirement plan for your specific company, bearing in mind factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to decide on a plan that provides the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — A number of steps are required to make the retirement plan legal. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and setting up a record-keeping system. Our Atlanta, GA retirement plan consultants can manage and/or assist with each of these steps.
- Plan changes — Possibly you're unsatisfied your current plan, or your business has evolved and you need a retirement plan consultant that can help your retirement plan evolve with you. Consultants can help you with modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, modifying contribution limits, or transitioning to a different type of plan to suit your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess a wide range of analytical tools, resources, and experience to help with the selection of investment options that should be made available within the plan. This includes assessing the performance of different investment funds, assessing your employees' risk tolerance, and ensuring a diverse range of options to meet the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants assist in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, plan summaries, and annual notices to participants.
- Plan participant education — Education is paramount to ensuring that your employees comprehend the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants conduct quarterly webinars to plan participants and offer personalized coaching for topics such as retirement planning, investment risk, and how to increase their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set rigid frameworks for how companies need to stay legally compliant with their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Atlanta, GA business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Atlanta, GA include:
Atlanta, GA Retirement Plan Consultants | Correct Capital
As you contemplate the future prospects of your business and the welfare of your workforce, offering a retirement plan should be at the forefront. With our complete range of offerings and deep commitment to working exclusively in your optimal interest, we'll help you lead your Atlanta, GA business and employees from where you are to where you want to go. To start creating a plan that matches with your distinct company and objectives, talk to a retirement plan consultant in Atlanta, GA today at 877-930-4015 or contact us online.
