Retirement plan consultants in Henderson, NV. Establishing a retirement plan like a 401(k) is a smart step for Henderson, NV companies and business owners looking for a way to stand out. These 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 who haven't established a retirement plan before, or for companies in search of a plan upgrade, the wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Henderson, NV financial consultancy firm that specializes in assisting companies establish and manage unique retirement plans for your unique business and workforce. We enjoy exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that drives their leaders. As fiduciary advisors, our sole aim is to act in your best interest. If you're in search of a retirement plan consultant in Henderson, NV to help set up a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or schedule an appointment with one of our financial advisors today.
Why Establish a Retirement Plan for Your Henderson, NV Business?
To understand what a 401(k) or other retirement plan could mean for your Henderson, NV business, it's crucial to examine how much it means to your employees:
- 67% of U.S. retirees say the country is in a retirement crisis; 2 in 5 think they might outlive their retirement savings (Source)
- Almost half of retirees say their income wasn't sufficient to save for retirement; over half blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, nearly two-thirds of respondents said their primary source of income in retirement will be their 401(k) (Source)
- 60% of employees cited their employers' retirement plan as a reason they remain; 47% said it's an essential reason to join a company; 44% ranked it in their three most desired most desired benefits (Source)
- Nearly four out of five employees with access to a plan choose to participate (Source)
- Nearly eight in ten of Gen Z and Millennial 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 sound decisions with their money with the help of a financial advisor (Source)
Retirement savings is a huge concern for most Americans, and Henderson, NV companies that offer retirement plans provide themselves a competitive advantage when it comes to securing and keeping valuable employees. Beyond that, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Matching contributions are tax-deductible
- Tax-free earnings on assets
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, help reduce initial costs
- Higher retention rates lower the annual cost of training new employees
Employee Benefits
- Employees can lower their taxable income
- Contributions and earnings are not taxed until withdrawal
- Contributions are easy to make through payroll deductions
- Even small, regular contributions can accumulate into significant retirement savings
- Participant assets can be rolled over if they change employers
- Improved financial security in retirement
Types of Retirement Plans Available for Henderson, NV Businesses
If you're looking into setting up a 401(k) or other plan for your Henderson, NV business, there are a range of plan options our retirement plan consultants can speak to you about:
- 401(k) Plans — The foundation of American retirement plans, 401(k)s allow for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a portion of their paycheck before taxes are taken out. 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 tax-exempt organizations.
- Defined Benefit (Pension) Plans — While 401(k)s and other defined contribution plans operate based on employees contributing a specific amount or percentage of their earnings, defined benefit plans offer a specific monthly withdrawal in retirement. These plans are primarily employer-funded, and the company assumes the investment risk.
- Cash Balance Plans — Cash balance plans are one form of defined benefit plan that tracks each participant's balance in a hypothetical account, which grows every year through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with personalized accounts similar to a defined contribution plan. It's an appealing option for businesses seeking a middle ground between the certainty of pensions and the adaptability 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 easy to administer, with minimal paperwork, and contributions are tax-deductible for the business. They're especially 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 easier to set up and maintain than 401(k)s but allow employees to contribute a part of their salary to the plan, which employers must 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 hassle of 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 often made from company stock, giving employees a direct stake in the company's success. These plans can be structured in many ways, offering flexibility in how contributions are distributed and calculated among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs offer employees with company stock, providing an ownership interest in the business. ESOPs are not only a retirement benefit but also align financial goals of employees with those of the company's performance, potentially boosting productivity and job satisfaction. ESOPs can also align with a company's succession planning as ownership shares can be passed to top employees who will eventually take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Henderson, NV 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 U.S. Our experience and expertise enables 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 fitting retirement plan for your business, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to choose a plan that offers the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — Several steps are required to make the retirement plan legitimate. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and establishing a record-keeping system. Our Henderson, NV retirement plan consultants can carry out and/or assist with all of these requirements.
- Plan changes — Perhaps you dislike 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 help you with 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 have access to a diverse array of analytical tools, resources, and experience to aid in the selection of investment options that should be made available within the plan. This includes assessing the performance of different investment funds, determining your employees' risk tolerance, and ensuring a diverse range of options to suit the different needs of different employees.
- Plan documentation — Retirement plan consultants help in drafting and maintaining all necessary plan documentation, ensuring compliance with IRS and Department of Labor regulations. This includes adoption agreements for the plan, plan summaries, and annual notices to participants.
- Plan participant education — Informing participants is vital to ensuring that your employees grasp 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 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 establish and maintain their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Henderson, NV business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Henderson, NV include:
Henderson, NV Retirement Plan Consultants | Correct Capital
As you consider the future prospects of your business and the well-being of your employees, providing a retirement plan should be a top priority. With our complete range of offerings and deep commitment to acting solely in your optimal interest, we'll help you guide your Henderson, NV business and employees from where you are to where you want to go. To initiate creating a plan that aligns with your distinct company and goals, reach out to a retirement plan consultant in Henderson, NV today at 877-930-4015 or contact us online.
