Retirement plan consultants in Syracuse, NY. Creating a retirement plan such as 401(k) is a smart step for Syracuse, NY businesses and business owners looking for a competitive advantage. Retirement plans are a vital component in attracting and retaining top talent, providing employees with a sense of security, and fostering a committed 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 variety of plans available, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Syracuse, NY financial advisory firm that specializes in assisting companies set up and maintain unique retirement plans for your unique business and workforce. We love exploring the unique story behind every company we work with and getting to know what makes them tick. As fiduciary advisors, our sole aim is to act in your best interest. If you're in search of a retirement plan consultant in Syracuse, NY to help create a 401(k) or other plan, give us a call at 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 Syracuse, NY Business?
To understand what a 401(k) or other retirement plan could mean for your Syracuse, NY business, it's important to look at what a retirement plan means for your employees:
- 67% 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)
- 45% 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, over half of respondents said their primary 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; 47% said it's an important reason to join a company; 44% ranked it in their top three 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 keen on personalized investment advice for their plan (Source)
- 77% of plan participants are "extremely confident" in their ability to make the right decisions with their money with the help of a financial advisor (Source)
Retirement savings is a major concern for most Americans, and Syracuse, NY businesses that sponsor retirement plans afford themselves a competitive advantage when it comes to attracting and retaining talent. Beyond that, there are a multitude of benefits for both employers and employees when it comes to offering retirement plans:
Business Benefits
- Employer contributions are tax-deductible
- Tax-free earnings on assets
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, help reduce start up costs
- Higher employee retention lowers 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
- Assets can be rolled over by participants if they change employers
- Enhanced financial wellbeing in retirement
Types of Retirement Plans Available for Syracuse, NY Businesses
If you're thinking about adopting a 401(k) or other plan for your Syracuse, NY business, there are a multitude of plan options that may be right for your business:
- 401(k) Plans — The bedrock of American retirement plans, 401(k)s allow for diverse investments across stocks, bonds, mutual funds, and ETFs, and allow employees to save and invest a part 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 must be fully vested immediately. In exchange, safe harbor 401(k)s are not subject to annual nondiscrimination tests.
- 403(b) Plans — Much like 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 specific amount or percentage of their earnings, defined benefit plans promise a specific monthly withdrawal in retirement. These plans are primarily 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 annually through employer contributions and an annual interest 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 seeking a middle ground between the security of pension plans and the flexibility of contribution plans.
- Simplified Employee Pension (SEP) IRAs — SEP plans offer an uncomplicated way for small businesses to provide retirement benefits. Employers make contributions directly to an IRA established for each employee. SEPs are easy to administer, with minimal red tape, 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 percentage of their paycheck 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 hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow employers to make discretionary contributions to their employees' retirement funds. Contributions are typically made from company stock, giving employees an incentive to contribute to the company's success. These plans are adaptable 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 a stake of ownership 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 be part of a company's succession planning as ownership shares can be passed to high performers who will eventually lead of the business.
What Can Correct Capital's Syracuse, NY Retirement Plan Consultants Do for My Business?
Our Syracuse, NY retirement plan consultants manage over 30 plans in companies of all sizes, 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 aid in evaluating and selecting the most suitable retirement plan for your business, bearing in mind factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to decide on a plan that offers the best benefits to your employees while being cost-effective for your business.
- Establishing the plan — Multiple 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 the terms of the plan, and establishing a record-keeping system. Our Syracuse, NY retirement plan consultants can handle and/or assist with each of these steps.
- Plan changes — Possibly 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 introducing new options, adjusting 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 array of analytical tools, resources, and experience to help with the selection of investment options that should be made available within the plan. This includes examining 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 help in drafting and maintaining all essential 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 carry out 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 guidelines 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 assist in ensuring your Syracuse, NY business stays compliant. Furthermore, 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 Syracuse, NY include:
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
Syracuse, NY Retirement Plan Consultants | Correct Capital
As you consider the future of your company and the well-being of your employees, providing a retirement plan should be front and center. With our complete range of services and commitment to acting solely in your best interest, we'll help you get your Syracuse, NY company and staff from where you are to where you want to go. To begin creating a plan that matches with your distinct company and goals, speak to a retirement plan consultant in Syracuse, NY today at 877-930-4015 or contact us online.
