New York City, NY Retirement Plan Consultants

Retirement plan consultants in New York City, NY. Sponsoring a retirement plan like a 401(k) is a smart step for New York City, NY businesses and business owners looking for a competitive advantage. Retirement plans are a crucial element in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a loyal workforce. But, for businesses who haven't established a retirement plan before, or for companies looking for a better option, the variety of plans available, regulatory compliance, and tax considerations can be overwhelming.

Correct Capital Wealth Management is an independent New York City, NY financial consultancy firm that specializes in assisting companies set up and maintain customized retirement plans, tailored to the needs of both your 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 New York City, NY 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.

Benefits of Starting a Retirement Plan for Your New York City, NY Business

To understand what a 401(k) or other retirement plan could mean for your New York City, NY company, it's essential to look at what a retirement plan means for your employees:

• Two-thirds of U.S. retirees say the country is in a retirement crisis; four out of ten think they might outlive their retirement savings (Source)
• Nearly half of retirees say their income wasn't sufficient to save for retirement; over half blame their employer for not doing enough 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)
• 60% of employees cited their employers' retirement plan as a reason they remain; 47% said it's an key reason to join a company; about four in ten ranked it in their three top most desired benefits (Source)
• More than three-quarters of employees with access to a plan participate (Source)
• 78% of Millennial and Gen Z 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 the right financial decisions with the help of a financial advisor (Source)

Retirement savings is a huge concern for most Americans, and New York City, NY companies that sponsor retirement plans give themselves a significant edge when it comes to attracting and retaining talent. Beyond that, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:

Retirement Plan Options Available for New York City, NY Businesses

If you're looking into establishing a 401(k) or other plan for your New York City, NY business, there are a range of plan options our retirement plan consultants can speak to you about:

• 401(k) Plans — The bedrock of American retirement plans, 401(k)s enable for a wide range of investments including stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a portion of their income 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 — 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 certain amount or percentage of their paycheck, defined benefit plans offer a specific monthly withdrawal once an employee reaches retirement. These plans are largely employer-funded, and the company takes on 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 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 defined contribution plan. It's an attractive 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 an uncomplicated 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 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 easier to set up and maintain than 401(k)s but allow employees to contribute a percentage of their income to the plan, which employers are required to 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 red tape associated with larger plans.
• Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that enable 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 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, offering them 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 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 New York City, NY retirement plan consultants currently manage 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 allows us to offer a range of services that include both the initial set up and ongoing support:

• Plan selection — We'll help with evaluating different plan options and selecting the most appropriate retirement plan for your business, taking into account factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to decide on a plan that offers 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 legitimate. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and setting up a record-keeping system. Our New York City, NY retirement plan consultants can carry out 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 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 adding new features, 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 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, determining your employees' risk tolerance, 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 adoption agreements for the plan, plan summaries, and annual notices to participants.
• Plan participant education — Informing participants is key to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make wise investment choices. Correct Capital's retirement plan consultants carry out 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 establish rigid guidelines 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 New York City, NY 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 New York City, NY include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Fiduciary Financial Advisor

New York City, NY Retirement Plan Consultants | Correct Capital

As you consider the future of your business and the welfare of your employees, implementing a retirement plan should be a top priority. With our wide array of offerings and dedication to working only in your optimal interest, we'll help you guide your New York City, NY business and employees from where you are to where you want to go. To start crafting a plan that matches with your individual business and objectives, speak to a retirement plan consultant in New York City, NY today at 877-930-4015 or contact us online.

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