Retirement plan consultants in Las Vegas, NV. Creating a retirement plan such as 401(k) is a wise move for Las Vegas, NV companies and business owners looking for a competitive advantage. These plans are a crucial element in attracting and retaining top talent, providing employees with a sense of security, and fostering a productive workforce. But, for businesses who haven't established a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, regulatory compliance, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent Las Vegas, 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 what makes them tick. As fiduciary advisors, our sole aim is to act in your best interest. If you're looking for a retirement plan consultant in Las Vegas, NV to help create 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.
Benefits of Starting a Retirement Plan for Your Las Vegas, NV Business
To understand what a 401(k) or other retirement plan could mean for your Las Vegas, NV business, it's essential to consider what a retirement plan means for your employees:
- 67% of U.S. retirees say there's a retirement crisis in the country; 40% worry they will 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, over half of respondents said their main source of income in retirement will be their 401(k) (Source)
- 60% of employees cited their employers' retirement plan as a reason they remain; nearly half said it's an important 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 opt-in (Source)
- Nearly eight in ten of Millennial and Gen Z 401(k) plan participants are interested in personalized investment advice for their plan (Source)
- Three-quarters of plan participants are "extremely confident" in their ability to make sound financial decisions with the help of a financial advisor (Source)
Saving for retirement is a major concern for most Americans, and Las Vegas, NV companies that offer retirement plans give themselves a significant edge when it comes to securing and keeping valuable employees. Beyond that, there are a host of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Tax deductions for matching 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, help reduce initial 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
Types of Retirement Plans Available for Las Vegas, NV Businesses
If you're looking into adopting a retirement plan for your Las Vegas, NV business, there are a multitude of plan options that may be right for your business:
- 401(k) Plans — The cornerstone of American retirement plans, 401(k)s enable for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a percentage of their paycheck before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely 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 — Similar to 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 operate based on employees contributing a specific amount or percentage of their earnings, defined benefit plans offer a guaranteed monthly withdrawal in retirement. These plans are primarily employer-funded, and the company takes on 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 increases annually through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a 401(k). It's an appealing option for businesses seeking a middle ground between the certainty of pensions and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer a straightforward way for small businesses to sponsor 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 particularly well-suited for businesses with variable profits, as the contribution amounts can be modified annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are designed for 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 paycheck to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are an excellent option 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 discretionary contributions to their employees' retirement funds. Contributions are typically made from company stock, 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 distributed and calculated among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs offer 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, which can boost 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.
What Can Correct Capital's Las Vegas, NV Retirement Plan Consultants Do for My Business?
Our Las Vegas, NV retirement plan consultants manage over 30 plans in companies of all sizes, and oversee over $230 million in total plan assets across the United States. Our expertise and experience enables us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll help with evaluating different plan options and selecting the most suitable retirement plan for your business, taking into account factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to select a plan that offers the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — Multiple 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 Las Vegas, NV retirement plan consultants can handle and/or assist with all of these requirements.
- Plan changes — Perhaps 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 guide you through modifying your plan to accommodate 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 wide array of analytical tools, resources, and experience to assist with the selection of investment options that should be made available within the plan. This includes examining the performance of different investment funds, evaluating their risk levels, and providing a diverse range of options to suit the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants assist 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 key 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 offer quarterly webinars to plan participants and offer one-on-one coaching for topics such as retirement planning, investment risk, and how to enhance their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions establish rigid frameworks for how companies need to stay legally compliant with their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can help ensure your Las Vegas, NV business stays compliant. Additionally, 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 Las Vegas, NV include:
- Family Wealth Planning
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
Las Vegas, NV Retirement Plan Consultants | Correct Capital
As you consider the future prospects of your business and the well-being of your workforce, implementing 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 guide your Las Vegas, NV business and employees from where you are to where you want to go. To begin creating a plan that matches with your individual company and goals, speak to a retirement plan consultant in Las Vegas, NV today at 877-930-4015 or contact us online.
