Washington, DC Retirement Plan Consultants

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Retirement plan consultants in Washington, DC. Sponsoring a retirement plan such as 401(k) is a wise step for Washington, DC companies and business owners looking for a competitive advantage. Retirement plans are a key factor in attracting and retaining top talent, providing employees with a sense of security, and fostering a committed workforce. But, for businesses who haven't set up a retirement plan before, or for companies looking for a plan upgrade, the variety of plans available, regulatory compliance, and tax considerations can be daunting.

Correct Capital Wealth Management is an independent Washington, DC financial advisory firm that specializes in helping companies establish and maintain customized retirement plans, built around the needs of both your business and workforce. We enjoy exploring the unique story behind each business we work with and getting to know the entrepreneurial spirit that guides their leaders. As fiduciary advisors, our only goal is to act in your best interest. If you're in search of a retirement plan consultant in Washington, DC to help set up a 401(k) or other plan, reach out to us via 877-930-4015, contact us online, or make an appointment with a member of our advisor team today.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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Benefits of Starting a Retirement Plan for Your Washington, DC Business

To understand what a 401(k) or other retirement plan could do for your Washington, DC company, it's crucial to consider how much it means to 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)
  • Almost half of retirees say their income wasn't sufficient to save for retirement; 55% blame their employer for not doing enough to help them save (Source)
  • In a recent study, over half of respondents said their largest 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; nearly half said it's an important reason to join a company; almost half ranked it in their three top most desired benefits (Source)
  • Nearly four out of five employees with access to a plan participate (Source)
  • Nearly eight in ten of Millennial and Gen Z 401(k) plan participants are keen on customized investment advice for their plan (Source)
  • Three-quarters of plan participants are "extremely confident" in their ability to make the right decisions with their finances with the help of a financial advisor (Source)

Retirement savings is a significant concern for most Americans, and Washington, DC companies 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

  • Tax deductions for matching contributions
  • Earnings on plan assets are tax-free
  • A range of plan choices and the flexibility to adapt a plan to your business
  • Tax credits , among other advantages from the SECURE ACT 2.0, help reduce start up costs
  • Higher employee retention lowers the annual cost of turnover

Employee Benefits

  • Employee contributions can reduce their taxable income
  • No taxation on contributions and earnings until withdrawal
  • Easy-to-make contributions through payroll deductions
  • Small, regular contributions can grow into significant retirement savings
  • Participant assets can be rolled over if they change employers
  • Improved financial security in retirement

Types of Retirement Plans Available for Washington, DC Businesses

If you're looking into adopting a retirement plan for your Washington, DC 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 permit employees to save and invest a part of their income before taxes are taken out. 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 Much like 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 are based on employees contributing a specific amount or percentage of their income, defined benefit plans offer 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 accounts for each participant's balance in a hypothetical account, which increases annually through employer contributions and an interest credit rate. This plan offers consistent returns like a traditional pension but with individual accounts similar to a defined contribution plan. 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 adjusted annually.
  • Savings Incentive Match Plan for Employees (SIMPLE) IRA SIMPLE IRAs are designed for small businesses with 100 or fewer employees. These plans are simpler to manage than 401(k)s but allow employees to contribute a percentage of their income 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 discretionary 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 distributed and calculated 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 top employees who will eventually lead of the business.

What Can Correct Capital's Washington, DC Retirement Plan Consultants Do for My Business?

Our Washington, DC 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 U.S. 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 assist in evaluating different plan options and selecting the most appropriate retirement plan for your business, bearing in mind factors such as number of employees, financial goals, employee demographics, and tax advantages. The goal is to choose a plan that offers the best benefits to your employees while also helping out your bottom line.
  • Establishing the plan — Several 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 terms and conditions, and establishing a record-keeping system. Our Washington, DC retirement plan consultants can carry out and/or assist with all of these requirements.
  • Plan changes — Possibly you're unhappy with 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 guide you through modifying your plan to adapt to business growth, changes in workforce, or shifts in financial goals. This includes introducing new options, 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 possess a wide array of analytical tools, resources, and experience to aid in the selection of investment options that ought to be made available within the plan. This includes analyzing the performance of different investment funds, evaluating your employees' risk tolerance, and ensuring a diverse range of options to accommodate the different needs of different 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.
  • Ongoing participant education — Informing participants is paramount to ensuring that your employees grasp the benefits of participating in the retirement plan and how to make educated 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 maximize their retirement savings.
  • Help with regulations and audits — The IRS, SEC, ERISA, and other laws and institutions set rigid frameworks for how companies establish and maintain their retirement plans. Most 401(k) plans are also subject to annual audits. Retirement plan consultants can help ensure your Washington, DC business stays compliant. Furthermore, hiring Correct Capital as your retirement plan consultant enables us to assume much of the fiduciary duty related to the plan from your responsibilities.

Other services we offer in Washington, DC include:

Washington, DC Retirement Plan Consultants | Correct Capital

As you consider the future of your business and the welfare of your employees, offering a retirement plan should be front and center. With our wide array of services and dedication to acting only in your optimal interest, we'll help you guide your Washington, DC company and employees from where you are to where you want to go. To initiate creating a plan that fits with your distinct company and goals, talk to a retirement plan consultant in Washington, DC today at 877-930-4015 or contact us online.


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