Retirement plan consultants in Overland Park, KS. Setting up a retirement plan like a 401(k) is a smart step for Overland Park, KS companies and business owners looking for a way to stand out. Retirement plans are a crucial element in retaining and attracting top talent, providing employees with a sense of security, and fostering a loyal workforce. But, for businesses that have not 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 challenging.
Correct Capital Wealth Management is an independent Overland Park, KS financial advisory firm that specializes in assisting companies establish and maintain unique retirement plans for your unique business and workforce. We enjoy exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that motivates 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 Overland Park, KS to help create a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or schedule an appointment with one of our financial advisors today.
Schedule a Meeting With an Advisor Today
Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
Schedule a 15-Minute Introductory Call
Why Establish a Retirement Plan for Your Overland Park, KS Business?
To understand what a 401(k) or other retirement plan could mean for your Overland Park, KS business, it's crucial to examine what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; four out of ten think they might live longer than their savings last (Source)
- Nearly half of retirees say their income wasn't high enough 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 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; nearly half said it's an essential reason to join a company; 44% ranked it in their top three most desired benefits (Source)
- More than three-quarters of employees with access to a plan choose to participate (Source)
- Nearly eight in ten of Millennial and Gen Z 401(k) plan participants are keen on customized investment advice for their plan (Source)
- Three-quarters of plan participants are "extremely confident" in their ability to make the right decisions with their finances with the help of a financial advisor (Source)
Saving for our golden years is a huge concern for most Americans, and Overland Park, KS businesses 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 when it comes to offering retirement plans:
Business Benefits
- Tax deductions for matching 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 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
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Overland Park, KS Businesses
If you're thinking about setting up a 401(k) or other plan for your Overland Park, KS business, there are a variety of plan options that may be right for your business:
- 401(k) Plans — The bedrock of American retirement plans, 401(k)s allow for a wide range of investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part of their income before taxes are taken out. Employers can choose 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 — Similar to 401(k)s, 403(b)s are specifically designed 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 paycheck, defined benefit plans offer a predetermined monthly withdrawal in retirement. These plans are primarily employer-funded, and the company assumes 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 grows annually 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 appealing 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 easy to administer, with minimal paperwork, and contributions are tax-deductible for the business. They're especially well-suited for businesses with fluctuating income, as the contribution amounts can be modified annually.
- Savings Incentive Match Plan for Employees (SIMPLE) IRA — SIMPLE IRAs are tailored to 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 earnings to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses seeking to provide a more traditional retirement plan without the hassle 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 usually 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 calculated and distributed 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 align 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 lead of the business.
What Can Correct Capital's Overland Park, KS Retirement Plan Consultants Do for My Business?
Our Overland Park, KS retirement plan consultants manage over 30 plans in both small and large companies, and oversee over $230 million in total plan assets across the United States. 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 business, considering factors such as company size, financial goals, employee demographics, and tax advantages. The goal is to choose a plan that provides 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 creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about terms and conditions, and setting up a record-keeping system. Our Overland Park, KS 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 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 have access to 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 your employees' risk tolerance, and guaranteeing a diverse range of options to suit the varying investment preferences and retirement goals of your employees.
- Plan documentation — Retirement plan consultants help 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 — Education is vital 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 engage in 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 establish and maintain their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can make sure your Overland Park, KS business stays compliant. Additionally, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Overland Park, KS include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Fiduciary Financial Advisor
Overland Park, KS Retirement Plan Consultants | Correct Capital
As you contemplate the future prospects of your company and the well-being of your workforce, providing a retirement plan should be a top priority. With our wide array of offerings and dedication to working exclusively in your optimal interest, we'll help you get your Overland Park, KS company and staff from where you are to where you want to go. To start crafting a plan that fits with your distinct company and goals, talk to a retirement plan consultant in Overland Park, KS today at 877-930-4015 or contact us online.