Retirement plan consultants in Las Vegas, NV. Creating a retirement plan like a 401(k) is a wise move for Las Vegas, NV businesses 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 sense of security, and fostering a productive 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 Las Vegas, NV financial advisory firm that specializes in assisting companies establish and maintain unique retirement plans for your unique business and workforce. We love 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 Las Vegas, NV to help set up 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.
Why Establish 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 company, it's important to look at how much it means to your employees:
- Two-thirds 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 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; nearly half said it's an key reason to join a company; about four in ten ranked it in their top three 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)
- Three-quarters of plan participants are "extremely confident" in their ability to make sound decisions with their finances with the help of a financial advisor (Source)
Saving for retirement is a significant concern for most Americans, and Las Vegas, NV companies that sponsor retirement plans give themselves a leg up when it comes to attracting and retaining talent. Additionally, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Employer contributions are tax-deductible
- 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, assist in reducing initial costs
- Higher employee retention lowers the annual cost of training new employees
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
- Even small, regular contributions can accumulate 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 401(k) or other plan for your Las Vegas, NV business, there are a range 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 across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a percentage of their income before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are essentially the same, but employer contributions must be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Comparable 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 operate based on employees contributing a specific amount or percentage of their income, defined benefit plans offer a specific monthly withdrawal in retirement. These plans are mostly 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 every year through employer contributions and an interest credit rate. This plan offers predictable benefits 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 offer retirement plans. Employers make contributions directly to an IRA set up for each employee. SEPs are straightforward to manage, with no significant red tape, and contributions are deductible for the business. They're especially 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 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 complexities of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that enable employers to make optional contributions to their employees' retirement funds. Contributions are often 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 calculated and distributed among employees.
- Employee Stock Ownership Plans (ESOPs) — ESOPs offer employees with company stock, offering them a stake of ownership in the business. ESOPs are not only a retirement benefit but also synchronize employees' interests with the company's performance, which can boost productivity and job satisfaction. ESOPs can also align with 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 Las Vegas, NV retirement plan consultants currently manage over 30 plans in both small and large companies, and oversee over $230 million in total plan assets across the country. 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 unique company, considering factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to select a plan that provides the best benefits to your employees while being economical for your business.
- Establishing the plan — Several 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 establishing a record-keeping system. Our Las Vegas, NV retirement plan consultants can manage and/or assist with each of these steps.
- 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 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, modifying 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 analyzing the performance of different investment funds, determining your employees' risk tolerance, and providing 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 adoption agreements for the plan, plan summaries, and annual notices to participants.
- Ongoing participant education — Informing participants is paramount 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 enhance 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 retirement plans are also subject to annual audits. Retirement plan consultants can help ensure your Las Vegas, NV business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in Las Vegas, NV include:
Las Vegas, NV Retirement Plan Consultants | Correct Capital
As you contemplate the future prospects of your company and the welfare of your workforce, offering a retirement plan should be a top priority. With our complete range of services and commitment to working exclusively in your optimal interest, we'll help you guide your Las Vegas, NV business and staff from where you are to where you want to go. To begin creating a plan that fits with your distinct business and objectives, speak to a retirement plan consultant in Las Vegas, NV today at 877-930-4015 or contact us online.
