Salt Lake City, UT Retirement Plan Consultants

Retirement plan consultants in Salt Lake City, UT. Creating a retirement plan such as 401(k) is a smart step for Salt Lake City, UT companies and business owners looking for a way to stand out. Retirement plans are a crucial element 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 who'd like to make changes to their current plan, the wealth of plan options, legal requirements, and tax considerations can be overwhelming.

Correct Capital Wealth Management is an independent Salt Lake City, UT financial consultancy 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, our primary objective is to act in your best interest. If you're in search of a retirement plan consultant in Salt Lake City, UT 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.

Benefits of Starting a Retirement Plan for Your Salt Lake City, UT Business

To understand what a 401(k) or other retirement plan could do for your Salt Lake City, UT business, it's crucial to examine how much it means to your employees:

• 2 in 3 U.S. retirees say the country is in a retirement crisis; 2 in 5 think they might outlive their retirement savings (Source)
• Nearly half of retirees say their income wasn't high enough to save for retirement; over half blame their employer for not doing enough to help them save (Source)
• In a recent study, over half of respondents said their main 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; 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)
• 78% of Gen Z and Millennial 401(k) plan participants are interested in 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)

Saving for retirement is a huge concern for most Americans, and Salt Lake City, UT companies that offer retirement plans afford themselves a competitive advantage when it comes to securing and keeping valuable employees. Additionally, there are a host of benefits for both employers and employees that retirement plans offer:

Retirement Plan Options Available for Salt Lake City, UT Businesses

If you're thinking about sponsoring a retirement plan for your Salt Lake City, UT business, there are a range of plan options our retirement plan consultants are ready to discuss:

• 401(k) Plans — The foundation 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 percentage 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 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 specifically designed 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 paycheck, defined benefit plans promise a guaranteed 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 grows 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 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 set up for each employee. SEPs are straightforward to manage, with minimal red tape, and contributions are tax-deductible for the business. They're particularly 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 tailored to 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 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 complexities of 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 usually made from company stock, giving employees an incentive to contribute to 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, offering them a stake of ownership 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 align with 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 Salt Lake City, UT Retirement Plan Consultants Do for My Business?

Our Salt Lake City, UT retirement plan consultants are currently managing 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 enables 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 appropriate retirement plan for your business, considering factors such as number of employees, financial goals, employee demographics, and tax considerations. The goal is to select a plan that offers 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 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 Salt Lake City, UT retirement plan consultants can handle 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 evolve with you. Consultants can help you with 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 better meet your needs.
• Investment advice — As a Registered Investment Advisor (RIA), we have access to a wide 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 providing a diverse range of options to meet the varying investment preferences and retirement goals of your 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, plan summaries, and annual notices to participants.
• Ongoing participant education — Education is vital 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 carry out 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 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 help ensure your Salt Lake City, UT business stays compliant. Additionally, hiring Correct Capital as your retirement plan consultant allows us to take much of the fiduciary duty related to the plan off your shoulders.

Other services we offer in Salt Lake City, UT include:

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

Salt Lake City, UT Retirement Plan Consultants | Correct Capital

As you contemplate the future of your business and the well-being of your employees, providing a retirement plan should be at the forefront. With our complete range of offerings and commitment to acting exclusively in your optimal interest, we'll help you lead your Salt Lake City, UT company and staff from where you are to where you want to go. To start crafting a plan that fits with your distinct business and objectives, reach out to a retirement plan consultant in Salt Lake City, UT today at 877-930-4015 or contact us online.

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