Retirement plan consultants in Greensboro, NC. Creating a retirement plan such as 401(k) is a strategic move for Greensboro, NC businesses and business owners looking for a competitive advantage. These plans are a crucial element in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a productive workforce. But, for businesses who haven't set up a retirement plan before, or for companies who'd like to make changes to their current plan, the variety of plans available, legal requirements, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Greensboro, NC financial advisory firm that specializes in helping companies set up and manage 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 motivates their leaders. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest. If you're in search of a retirement plan consultant in Greensboro, NC to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with one of our financial advisors today.
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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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Why Establish a Retirement Plan for Your Greensboro, NC Business?
To understand what a 401(k) or other retirement plan could mean for your Greensboro, NC company, it's essential to examine what a retirement plan means for your employees:
- 67% of U.S. retirees say the country is in a retirement crisis; 40% think they might outlive their retirement savings (Source)
- Nearly half of retirees say their income wasn't high enough to save for retirement; over half blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, 62% of respondents said their main 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; 47% said it's an key reason to join a company; almost half ranked it in their three top most desired benefits (Source)
- More than three-quarters of employees with access to a plan choose to participate (Source)
- Nearly eight in ten of younger workers that are 401(k) plan participants are looking for customized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make the right financial decisions with the help of a financial advisor (Source)
Saving for our golden years is a major concern for most Americans, and Greensboro, NC companies that offer retirement plans provide themselves a competitive advantage when it comes to securing and keeping valuable employees. Moreover, there are a host of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Tax deductions for employer contributions
- Tax-free earnings on assets
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits , among other advantages from the SECURE ACT 2.0, can lower start up costs
- Higher employee retention lowers the annual cost of turnover
Employee Benefits
- Employees can lower their taxable income
- No taxation on contributions and earnings until withdrawal
- Easy-to-make contributions 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
Retirement Plan Options Available for Greensboro, NC Businesses
If you're considering sponsoring a retirement plan for your Greensboro, NC business, there are a multitude of plan options that may be right for your business:
- 401(k) Plans — The bedrock of American retirement plans, 401(k)s allow for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a portion of their paycheck before taxes are deducted. Employers can choose to match contributions. Safe Harbor 401(k) plans are essentially the same, but employer contributions are required to be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Much like 401(k)s, 403(b)s are tailored for employees of educational institutions and non-profits.
- 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 promise a predetermined monthly withdrawal in retirement. These plans are largely employer-funded, and the company bears the investment risk.
- Cash Balance Plans — Cash balance plans are one form of defined benefit plan that accounts for each participant's balance in a hypothetical account, which grows annually through employer contributions and an interest credit rate. This plan offers predictable benefits like a traditional pension but with individual accounts similar to a defined contribution plan. It's an appealing option for businesses seeking a middle ground between the security of pension plans and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to offer retirement plans. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with no significant paperwork, and contributions are tax-deductible for the business. They're particularly well-suited for businesses with variable profits, as the contribution amounts can be adjusted annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are designed for small businesses with 100 or fewer employees. These plans are easier to set up and maintain than 401(k)s but allow employees to contribute a percentage of their earnings 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 discretionary contributions to their employees' retirement funds. Contributions are usually made from company stock, giving employees a direct stake in the company's bottom line. These plans are adaptable in many ways, offering flexibility in how contributions are calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs provide employees with company stock, providing a stake of ownership in the business. ESOPs are not only a retirement benefit but also synchronize financial goals of employees with those of the company's performance, potentially boosting productivity and job satisfaction. ESOPs can also complement a company's succession planning as ownership shares can be passed to high performers who will eventually take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Greensboro, NC retirement plan consultants manage over 30 plans in companies of all sizes, and represent over $230 million in total plan assets across the United States. Our expertise and experience allows us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll assist in evaluating and selecting the most suitable retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to select 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 formally put the retirement plan in place. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and setting up a record-keeping system. Our Greensboro, NC retirement plan consultants can carry out and/or assist with each of these steps.
- Plan changes — Maybe you're unsatisfied your current plan, or your business has evolved and you need a retirement plan consultant that can help your retirement plan adapt as you grow. Consultants can guide you through modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, adjusting contribution limits, or transitioning to a different type of plan to more closely align with your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess a diverse array of analytical tools, resources, and experience to assist with the selection of investment options that ought to be made available within the plan. This includes assessing the performance of different investment funds, evaluating their risk levels, and providing a diverse range of options to accommodate the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants help in drafting and maintaining all essential plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes plan adoption agreements, plan summaries, and annual notices to participants.
- Ongoing participant education — Education is vital to ensuring that your employees understand the benefits of participating in the retirement plan and how to make informed investment choices. Correct Capital's retirement plan consultants conduct quarterly webinars to plan participants and offer one-on-one 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 establish rigid guidelines for how companies establish and maintain their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can help ensure your Greensboro, NC business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in Greensboro, NC include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Greensboro, NC Retirement Plan Consultants | Correct Capital
As you consider the future of your business and the well-being of your workforce, offering a retirement plan should be at the forefront. With our comprehensive suite of offerings and dedication to working only in your best interest, we'll help you get your Greensboro, NC business and employees from where you are to where you want to go. To start developing a plan that matches with your unique company and goals, reach out to a retirement plan consultant in Greensboro, NC today at 877-930-4015 or contact us online.
