Retirement plan consultants in North Las Vegas, NV. Adopting a retirement plan such as 401(k) is a smart move for North Las Vegas, NV companies and business owners looking for a way to stand out. These plans are a vital component in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a loyal workforce. But, for businesses that have not set up a retirement plan before, or for companies in search of a plan upgrade, the variety of plans available, regulatory compliance, and tax considerations can be daunting.
Correct Capital Wealth Management is an independent North Las Vegas, NV financial consultancy firm that specializes in assisting companies set up and maintain customized retirement plans, built around the needs of both your business and workers. We enjoy exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that guides their leaders. As fiduciary advisors, our primary objective is to act in your best interest. If you're in search of a retirement plan consultant in North 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 North Las Vegas, NV Business
To understand what a 401(k) or other retirement plan could mean for your North Las Vegas, NV business, it's crucial to look at how much it means to your employees:
- 2 in 3 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; 55% blame their employer for not providing adequate resources to help them save (Source)
- In a recent study, nearly two-thirds of respondents said their main source of income in retirement will be their 401(k) (Source)
- Six out of ten 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 top most desired benefits (Source)
- 77% of employees with access to a plan opt-in (Source)
- 78% of Millennial and Gen Z 401(k) plan participants are keen on 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)
Saving for retirement is a significant concern for most Americans, and North Las Vegas, NV businesses that sponsor retirement plans give themselves a competitive advantage when it comes to securing and keeping valuable employees. Additionally, 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
- A range of plan choices and the flexibility to adapt a plan to your business
- Tax credits , among other advantages from the SECURE ACT 2.0, help reduce start up costs
- Higher retention rates lower the annual cost of turnover
Employee Benefits
- Employee contributions can reduce their taxable income
- Contributions and earnings are not taxed until withdrawal
- Easy-to-make contributions 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
Retirement Plan Options Available for North Las Vegas, NV Businesses
If you're considering setting up a 401(k) or other plan for your North Las Vegas, NV business, there are a variety of plan options our retirement plan consultants are ready to discuss:
- 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 part of their paycheck before taxes are taken out. Employers have the option 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 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 certain amount or percentage of their income, defined benefit plans offer a guaranteed monthly withdrawal once an employee reaches retirement. These plans are mostly 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 grows every year through employer contributions and an annual interest rate. This plan offers consistent returns like a traditional pension but with personalized accounts similar to a 401(k). It's an attractive option for businesses looking for 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 sponsor retirement plans. Employers make contributions directly to an IRA set up for each employee. SEPs are easy to administer, with no significant red tape, and contributions are deductible for the business. They're especially well-suited for businesses with fluctuating income, 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 salary 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 hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that allow employers to make optional contributions to their employees' retirement funds. Contributions are typically made out of the company's profits, giving employees a direct stake in the company's bottom line. 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 provide employees with company stock, providing an ownership interest 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 top employees who will eventually lead of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our North Las Vegas, NV retirement plan consultants manage over 30 plans in both small and large companies, and represent over $230 million in total plan assets across the United States. 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 aid in evaluating different plan options and selecting the most appropriate retirement plan for your unique company, taking into account factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to decide on a plan that provides the best benefits to your employees while also helping out your bottom line.
- Establishing the plan — Multiple steps are required to formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and creating a record-keeping system. Our North Las Vegas, NV retirement plan consultants can carry out 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 adapt as you grow. 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 suit your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess 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, assessing their risk levels, and ensuring a diverse range of options to accommodate the different needs of different 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, summary plan descriptions, and annual notices to participants.
- Plan participant education — Informing participants is paramount to ensuring that your employees understand the benefits of participating in the retirement plan and how to make educated investment choices. Correct Capital's retirement plan consultants engage in 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 retirement plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your North Las Vegas, NV business stays compliant. Moreover, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan from your responsibilities.
Other services we offer in North Las Vegas, NV include:
North Las Vegas, NV Retirement Plan Consultants | Correct Capital
As you consider the future of your business and the well-being of your workforce, providing a retirement plan should be front and center. With our complete range of offerings and commitment to acting solely in your optimal interest, we'll help you guide your North Las Vegas, NV business and staff from where you are to where you want to go. To begin creating a plan that aligns with your distinct company and goals, reach out to a retirement plan consultant in North Las Vegas, NV today at 877-930-4015 or contact us online.
