Retirement plan consultants in Tulsa, OK. Establishing a retirement plan like a 401(k) is a smart step 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 sense of security, and fostering a productive workforce. But, for businesses who haven't set up a retirement plan before, or for companies who'd like to make changes to their current plan, the variety of plans available, legal requirements, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Tulsa, OK financial consultancy firm that specializes in assisting companies establish and manage 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, 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 one of our financial advisors 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 consider what a retirement plan means for your employees:
- Two-thirds of U.S. retirees say there's a retirement crisis in the country; 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 providing adequate resources to help them save (Source)
- In one survey, nearly two-thirds of respondents said their primary source of income in retirement will be their 401(k) (Source)
- Six out of ten of employees cited their employers' retirement plan as a reason they remain; 47% said it's an key reason to join a company; about four in ten ranked it in their three most desired most desired benefits (Source)
- More than three-quarters of employees with access to a plan choose to participate (Source)
- Nearly eight in ten 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 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 Tulsa, OK companies that offer retirement plans provide themselves a leg up 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:
Business Benefits
- Employer contributions are tax-deductible
- Earnings on plan assets are tax-free
- Variety of plan options and flexibility to adapt a plan to your business
- Tax credits and other benefits from the SECURE ACT 2.0, assist in reducing start up costs
- Higher retention rates lower the annual cost of training new employees
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
- 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 401(k) or other plan for your Tulsa, OK business, there are a variety of plan options our retirement plan consultants can discuss with you:
- 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 portion 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 when made. 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 tax-exempt organizations.
- 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 predetermined monthly withdrawal once an employee reaches retirement. These plans are largely 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 grows every year 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 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 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 adjusted 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 percentage 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 red tape associated with 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 often made out of the company's profits, 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 give employees with company stock, offering them 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, which can boost 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 take the reins of the business.
How Can Correct Capital Help My Business's Retirement Plan?
Our Tulsa, OK 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 experience and expertise allows us to offer a range of services that encompass both the initial set up and ongoing support:
- Plan selection — We'll aid in evaluating and selecting the most appropriate retirement plan for your specific company, bearing in mind factors such as company size, financial goals, employee demographics, and tax considerations. The goal is to select a plan that provides the best benefits to your employees while being efficient for your business.
- Establishing the plan — A number of 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 Tulsa, OK retirement plan consultants can manage and/or assist with each of these steps.
- 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 help you with modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes adding new features, adjusting contribution limits, or transitioning to a different type of plan to better meet your needs.
- Investment advice — As a Registered Investment Advisor (RIA), we possess a wide array of analytical tools, resources, and experience to assist with the selection of investment options that ought to be made available within the plan. This includes analyzing the performance of different investment funds, determining 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, summary plan descriptions, and annual notices to participants.
- Ongoing participant education — Informing participants is paramount to ensuring that your employees comprehend the benefits of participating in the retirement plan and how to make educated investment choices. Correct Capital's retirement plan consultants engage in quarterly webinars to plan participants and offer personalized coaching for topics such as retirement planning, investment risk, and how to maximize their retirement savings.
- Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions establish 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 Tulsa, OK business stays compliant. Moreover, 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 Tulsa, OK include:
- Family Wealth Planning
- 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
Tulsa, OK Retirement Plan Consultants | Correct Capital
As you contemplate the future of your business and the well-being of your employees, offering a retirement plan should be a top priority. With our wide array of services and dedication to acting only in your best interest, we'll help you guide your Tulsa, OK business and staff from where you are to where you want to go. To start crafting a plan that fits with your individual business and goals, speak to a retirement plan consultant in Tulsa, OK today at 877-930-4015 or contact us online.
