Retirement plan consultants in North Las Vegas, NV. Setting up a retirement plan such as 401(k) is a wise move for North Las Vegas, NV companies and business owners looking for a competitive advantage. These plans are a key factor in attracting and retaining top talent, providing employees with a feeling of stability, and fostering a productive workforce. But, for businesses who haven't established a retirement plan before, or for companies in search of a better option, the wealth of plan options, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent North Las Vegas, NV financial advisory firm that specializes in assisting companies set up and maintain 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, we have a legal and ethical obligation to act only in your best interest. If you're looking for a retirement plan consultant in North Las Vegas, NV to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with one of our financial advisors today.
Why Establish 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 company, it's important to look at what a retirement plan means for 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 doing enough to help them save (Source)
- In one survey, nearly two-thirds 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; 47% said it's an essential reason to join a company; about four in ten ranked it in their three top most desired benefits (Source)
- 77% of employees with access to a plan 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 financial decisions with the help of a financial advisor (Source)
Saving for our golden years is a major concern for most Americans, and North Las Vegas, NV companies that offer retirement plans provide themselves a competitive advantage when it comes to securing and keeping valuable employees. Additionally, there are a bevy of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Tax deductions for employer contributions
- 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, assist in reducing initial costs
- Higher retention rates lower 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 North Las Vegas, NV Businesses
If you're thinking about adopting a 401(k) or other plan for your North Las Vegas, NV business, there are a range of plan options that may be right for your business:
- 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 deducted. 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 — Comparable to 401(k)s, 403(b)s are tailored 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 certain amount or percentage of their income, defined benefit plans promise a specific monthly withdrawal once an employee reaches retirement. These plans are primarily employer-funded, and the company takes on the investment risk.
- Cash Balance Plans — Cash balance plans are a type of defined benefit plan that accounts for each participant's balance in a hypothetical account, which increases every year 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 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 simple way for small businesses to provide retirement benefits. 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 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 income to the plan, which employers are required to match up to a certain percentage. SIMPLE IRAs are an excellent option for small businesses seeking to provide a more traditional retirement plan without the complexities of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that allow employers to make discretionary contributions to their employees' retirement funds. Contributions are often made from company stock, giving employees a direct stake in the company's bottom line. These plans are adaptable 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 synchronize financial goals of employees with those of the company's performance, potentially boosting 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 take the reins of the business.
What Can Correct Capital's North Las Vegas, NV Retirement Plan Consultants Do for My Business?
Our North Las Vegas, NV retirement plan consultants currently 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 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 specific company, taking into account factors such as number of employees, financial goals, employee demographics, and tax considerations. The goal is to decide on a plan that provides the best benefits to your employees while being efficient for your business.
- Establishing the plan — Several steps are required to make the retirement plan legal. These include adopting a written plan, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and setting up a record-keeping system. Our North Las Vegas, NV retirement plan consultants can manage and/or assist with each of these steps.
- 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 help you with modifying your plan to accommodate 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 more closely align with your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess a wide range of analytical tools, resources, and experience to help with 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 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 required 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 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 carry out 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 401(k) plans are also subject to annual audits. Retirement plan consultants can make sure your North Las Vegas, NV business stays compliant. Furthermore, 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 think about the future of your business and the welfare of your employees, implementing a retirement plan should be at the forefront. With our wide array of offerings and commitment to acting solely in your optimal interest, we'll help you get your North Las Vegas, NV company and employees from where you are to where you want to go. To begin crafting a plan that matches with your distinct business and goals, talk to a retirement plan consultant in North Las Vegas, NV today at 877-930-4015 or contact us online.
