Sacramento, CA Retirement Plan Consultants

Retirement plan consultants in Sacramento, CA. Establishing a retirement plan such as 401(k) is a smart step for Sacramento, CA businesses and business owners looking for a way to stand out. Retirement plans are a key factor in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a productive workforce. But, for businesses that have not set up a retirement plan before, or for companies who'd like to make changes to their current plan, the wealth of plan options, legal requirements, and tax considerations can be challenging.

Correct Capital Wealth Management is an independent Sacramento, CA financial advisory firm that specializes in assisting companies establish and maintain customized retirement plans, built around the needs of both your business and workforce. We enjoy exploring the unique story behind every company 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 Sacramento, CA to help set up a 401(k) or other plan, reach out to us via 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 Sacramento, CA Business?

To understand what a 401(k) or other retirement plan could mean for your Sacramento, CA company, it's crucial to look at 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 worry they will live longer than their savings last (Source)
• Almost half of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not providing adequate resources to help them save (Source)
• In a recent study, 62% of respondents said their largest source of income in retirement will be their 401(k) (Source)
• Three-fifths of employees cited their employers' retirement plan as a reason they remain; nearly half said it's an important reason to join a company; almost half ranked it in their three most desired most desired benefits (Source)
• Nearly four out of five employees with access to a plan opt-in (Source)
• Nearly eight in ten of younger workers that are 401(k) plan participants are looking for 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 our golden years is a significant concern for most Americans, and Sacramento, CA companies that sponsor retirement plans provide themselves a significant edge 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:

Retirement Plan Options Available for Sacramento, CA Businesses

If you're considering sponsoring a retirement plan for your Sacramento, CA 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 enable for diverse investments including stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a part of their earnings 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 — Similar 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 are based on employees contributing a certain amount or percentage of their income, defined benefit plans promise a predetermined monthly withdrawal once an employee reaches retirement. These plans are mostly employer-funded, and the company assumes 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 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 seeking a middle ground between the security of pension plans and the adaptability 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 established for each employee. SEPs are straightforward to manage, with minimal paperwork, and contributions are tax-deductible for the business. They're particularly 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 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 part of their earnings to the plan, which employers must 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 flexible retirement solutions that enable employers to make discretionary 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 can be structured 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, offering them an ownership interest 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 top employees who will eventually take the reins of the business.

What Can Correct Capital's Sacramento, CA Retirement Plan Consultants Do for My Business?

Our Sacramento, CA retirement plan consultants are currently managing over 30 plans in both small and large companies, and oversee over $230 million in total plan assets across the United States. Our expertise and experience allows us to offer a range of services that include both the initial set up and ongoing support:

• Plan selection — We'll assist in evaluating different plan options and selecting the most appropriate 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 being efficient for your business.
• Establishing the plan — Several 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 establishing a record-keeping system. Our Sacramento, CA 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 adapt as you grow. 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 have access to a wide range of analytical tools, resources, and experience to help with the selection of investment options that ought to 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 suit 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.
• Plan participant education — Education is key 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 offer 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 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 Sacramento, CA 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 from your responsibilities.

Other services we offer in Sacramento, CA include:

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

Sacramento, CA Retirement Plan Consultants | Correct Capital

As you think about the future of your company and the well-being of your employees, implementing a retirement plan should be a top priority. With our comprehensive suite of services and dedication to acting solely in your optimal interest, we'll help you guide your Sacramento, CA business and employees from where you are to where you want to go. To initiate creating a plan that fits with your distinct company and goals, talk to a retirement plan consultant in Sacramento, CA today at 877-930-4015 or contact us online.

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