Retirement plan consultants in Tulsa, OK. Establishing a retirement plan like a 401(k) is a smart move for Tulsa, OK businesses and business owners looking for a competitive advantage. These plans are a key factor in retaining and attracting top talent, providing employees with a feeling of stability, and fostering a loyal 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 variety of plans available, regulatory compliance, and tax considerations can be overwhelming.
Correct Capital Wealth Management is an independent Tulsa, OK financial advisory firm that specializes in assisting companies establish and manage customized retirement plans, built around the needs of both your business and workers. We love exploring the unique story behind every company we work with and getting to know the entrepreneurial spirit that drives their leaders. As fiduciary advisors, we have a legal and ethical obligation to act only in your best interest. If you're in search of a retirement plan consultant in Tulsa, OK to help set up 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.
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 how much it means to your employees:
- 2 in 3 U.S. retirees say the country is in a retirement crisis; four out of ten worry they will outlive their retirement savings (Source)
- Nearly half of retirees say their income wasn't sufficient to save for retirement; over half blame their employer for not doing enough to help them save (Source)
- In one survey, 62% 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 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 Millennial and Gen Z 401(k) plan participants are keen on personalized investment advice for their plan (Source)
- Three-quarters 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 Tulsa, OK businesses that offer retirement plans afford themselves a significant edge when it comes to securing and keeping valuable employees. Additionally, there are a multitude of benefits for both employers and employees that retirement plans offer:
Business Benefits
- Tax deductions for matching contributions
- 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, can lower start up costs
- Higher retention rates lower the annual cost of turnover
Employee Benefits
- Employee contributions can reduce their taxable income
- No taxation on contributions and earnings until withdrawal
- Contributions are easy to make through payroll deductions
- Small, regular contributions can grow 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 Tulsa, OK Businesses
If you're thinking about 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 enable for diverse investments across stocks, bonds, mutual funds, and ETFs, and permit employees to save and invest a portion of their earnings before taxes are taken out. 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 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 are based on employees contributing a specific amount or percentage of their earnings, defined benefit plans promise a guaranteed monthly withdrawal once an employee reaches retirement. These plans are mostly employer-funded, and the company bears 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 increases annually through employer contributions and an annual interest rate. This plan offers predictable benefits like a traditional pension but with personalized 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 a straightforward way for small businesses to sponsor retirement plans. Employers make contributions directly to an IRA set up 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 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 paycheck to the plan, which employers must match up to a certain percentage. SIMPLE IRAs are a great choice for small businesses seeking to provide a more traditional retirement plan without the hassle of larger plans.
- Profit-Sharing Plans — Profit-sharing plans are versatile retirement solutions that enable employers to make optional contributions to their employees' retirement funds. Contributions are usually made out of the company's profits, 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, providing 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 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.
How Can Correct Capital Help My Business's Retirement Plan?
Our Tulsa, OK retirement plan consultants currently manage over 30 plans in companies of all sizes, 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 different plan options and selecting the most fitting retirement plan for your specific company, bearing in mind 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 being cost-effective for your business.
- Establishing the plan — Multiple steps are required to make the retirement plan legal. These include creating a formal written agreement, 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 carry out and/or assist with each of these steps.
- Plan changes — Possibly 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 guide you through 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 have access to a wide range 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 your employees' risk tolerance, and ensuring a diverse range of options to suit the different needs of different 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 plan adoption agreements, summary plan descriptions, and annual notices to participants.
- Ongoing participant education — Informing participants is vital to ensuring that your employees grasp 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 establish rigid guidelines for how companies need to stay legally compliant with their retirement plans. Most retirement plans are also subject to annual audits. Retirement plan consultants can assist in ensuring your Tulsa, OK 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 Tulsa, OK include:
Tulsa, OK Retirement Plan Consultants | Correct Capital
As you consider the future prospects of your company and the welfare of your employees, providing a retirement plan should be a top priority. With our comprehensive suite of services and commitment to acting only in your optimal interest, we'll help you guide your Tulsa, OK business and staff from where you are to where you want to go. To start creating a plan that aligns with your distinct business and goals, talk to a retirement plan consultant in Tulsa, OK today at 877-930-4015 or contact us online.
