Retirement plan consultants in Tulsa, OK. Creating a retirement plan such as 401(k) is a smart move for Tulsa, OK businesses 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 committed 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, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Tulsa, OK financial advisory firm that specializes in helping companies set up and manage customized retirement plans, tailored to the needs of both your business and employees. We enjoy exploring the unique story behind every company 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 Tulsa, OK to help create a 401(k) or other plan, give us a call at 877-930-4015, contact us online, or schedule an appointment with a member of our advisor team today.
Benefits of Starting a Retirement Plan for Your Tulsa, OK Business
To understand what a 401(k) or other retirement plan could do for your Tulsa, OK business, it's essential to examine how much it means to your employees:
- 2 in 3 U.S. retirees say there's a retirement crisis in the country; 2 in 5 worry they will 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 doing enough to help them save (Source)
- In a recent study, 62% of respondents said their primary 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)
- Nearly four out of five employees with access to a plan choose to participate (Source)
- 78% of Gen Z and Millennial 401(k) plan participants are interested in customized 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 significant concern for most Americans, and Tulsa, OK companies that sponsor retirement plans afford themselves a significant edge when it comes to securing and keeping valuable employees. Moreover, there are a host of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Matching 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, can lower start up costs
- Higher employee retention lowers the annual cost of training new employees
Employee Benefits
- Employees can lower 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
- Assets can be rolled over by participants if they change employers
- Enhanced financial wellbeing in retirement
Retirement Plan Options Available for Tulsa, OK Businesses
If you're considering adopting a retirement plan for your Tulsa, OK 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 diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a part of their paycheck before taxes are deducted. Employers have the option to match contributions. Safe Harbor 401(k) plans are largely the same, but employer contributions must be fully vested when made. 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 guaranteed monthly withdrawal in retirement. These plans are largely employer-funded, and the company bears 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 every year through employer contributions and an annual interest rate. This plan offers predictable benefits like a traditional pension but with individual accounts similar to a defined contribution plan. It's an appealing option for businesses seeking a middle ground between the certainty of pensions 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 set up for each employee. SEPs are straightforward to manage, with minimal red tape, and contributions are 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 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 salary to the plan, which employers must 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 hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are flexible retirement solutions that allow 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 success. These plans can be structured in many ways, offering flexibility in how contributions are calculated and distributed 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 align employees' interests with 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 take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Tulsa, OK 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 country. Our experience and expertise 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 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 select a plan that offers the best benefits to your employees while being economical for your business.
- Establishing the plan — Several steps are required to formally put the retirement plan in place. These include creating a formal written agreement, arranging a trust for trust assets, notifying eligible employees about the terms of the plan, and setting up a record-keeping system. Our Tulsa, OK retirement plan consultants can handle and/or assist with all of these requirements.
- Plan changes — Maybe you're unsatisfied 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 adapt to 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 possess a diverse 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 analyzing the performance of different investment funds, assessing your employees' risk tolerance, and providing 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 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 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 offer quarterly webinars to plan participants and offer personalized 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 guidelines 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 Tulsa, OK business stays compliant. Additionally, hiring Correct Capital as your retirement plan consultant helps remove much of the fiduciary duty related to the plan off your shoulders.
Other services we offer in Tulsa, OK include:
Tulsa, OK Retirement Plan Consultants | Correct Capital
As you consider the future of your business and the welfare of your workforce, providing a retirement plan should be front and center. With our complete range of offerings and deep commitment to acting only in your best interest, we'll help you lead your Tulsa, OK business and staff from where you are to where you want to go. To start creating a plan that fits with your unique business and objectives, speak to a retirement plan consultant in Tulsa, OK today at 877-930-4015 or contact us online.
