<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=200924570504223&amp;ev=PageView&amp;noscript=1">

Small Business 401(k) Blog

The Frugal Fiduciary Small Business 401(k) Blog

Get the latest industry news, deadlines and tips you need to know to help tackle your fiduciary responsibility needs.

Blog Feature

Fiduciary Responsibility | Testing | Safe Harbor 401(k)

401(k) Contribution Deadlines – You Don’t Want to Miss Them!

By: Eric Droblyen
January 9th, 2019

All 401(k) plan contributions have deposit deadlines – and it’s up to 401(k) fiduciaries to meet them. Yet, many employers are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions. When that happens, there are always consequences for the employer. They range from mild (losing a tax deduction, making participants whole for lost earnings) to severe (plan disqualification, IRS and/or civil penalties). Fortunately, these consequences are easily avoided with some basic education.

Read More

Share

Blog Feature

The Top Ten Frugal Fiduciary 401(k) Blogs of 2018

By: Eric Droblyen
December 26th, 2018

Happy Holidays from the Frugal Fiduciary! As 2018 comes to a close, we looked back through this year’s blogs to find the most read. It turns out our most popular blogs related to the following topics:

Read More

Share

401(k) Plan Design Checklist

Feeling overwhelmed?

Subscribe to the The Frugal Financial Small Business 401(k) Blog and receive this free checklist for help in determing the best 401(k) plan design options and fit for your company.

Blog Feature

Retirement Plan Types | Provider Shopping

Replacing SIMPLE IRAs with a 401(k) – Frequently Asked Questions

By: Eric Droblyen
December 12th, 2018

Over the years, I’ve met with countless small business owners thinking about replacing their current SIMPLE IRA (Savings Incentive Match PLan for Employees) with a new 401(k) plan. During these meetings, the most common questions I receive are:

Read More

Share

Blog Feature

401(k) Fees | Provider Shopping | Fiduciary Responsibility

2018 Small Business 401(k) Fee Study – What’s Too High?

By: Eric Droblyen
November 28th, 2018

Employers have a fiduciary responsibility to ensure the fees paid by their 401(k) plan participants are “reasonable” and not subject to unnecessarily excessive fees. To do that job, employers must benchmark their 401(k) fees - basically, compare them to industry averages and/or fee charged by competing 401(k) providers. Sounds straightforward, but this information is hard to find and often harder to compare on an apples-to apples basis.

Read More

Share

Blog Feature

Fiduciary Responsibility

401(k) Plan Administration Checklist for the 2019 Plan Year

By: Eric Droblyen
November 14th, 2018

401(k) plans are popular today because they offer generous tax benefits to employers and employees. However, to qualify for these benefits, 401(k) plans must complete a myriad of administration tasks each year. It’s up to employers to ensure each task is completed timely. This important fiduciary responsibility can easily seem overwhelming, but it doesn’t need to be. The key is hiring a 401(k) provider willing and able to do three things - 1) summarize all required tasks, 2) complete the more difficult and time-consuming ones, and 3) provide simple direction for the rest.

Read More

Share

Blog Feature

401(k) Fees | Fiduciary Responsibility | Provider Shopping

Calculating American Funds 401(k) Fees Using Their 408b-2

By: Eric Droblyen
October 31st, 2018

American Funds (“AF”) is the third largest mutual fund company in the US and a dominant provider of small business 401(k) plans. Their plans are loaded with proprietary in-house funds. While there is nothing inherently illegal or unethical about that, the situation could create a conflict of interest that results in an overpriced 401(k) plan. To confirm their 401(k) participants are not harmed by a conflict, employers must ensure their AF fees are reasonable. To do that, employers must be able to total them – so they can then be benchmarked against competing 401(k) providers. AF doesn’t make this job easy.

Read More

Share