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.

Eric Droblyen

Eric Droblyen began his career as an ERISA compliance specialist with Charles Schwab in the mid-1990s. His keen grasp on 401k plan administration and compliance matters has made Eric a sought after speaker. He has delivered presentations at a number of events, including the American Society of Pension Professionals and Actuaries (ASPPA) Annual Conference. As President and CEO of Employee Fiduciary, Eric is responsible for all aspects of the company’s operations and service delivery.

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Retirement Planning | Thought Leadership

401(k) Retirement Planning – 4 Steps to Retire On-Time

By: Eric Droblyen
October 14th, 2020

The priciest thing that most people will buy in their lifetime is retirement. Perhaps you’ve never thought of “buying” retirement, but that’s exactly what you do when you contribute to a 401(k) plan – you’re saving now to afford income in retirement. When you consider that income may need to last 10, 20, even 30 years, it’s easy to understand why retirement is not cheap.

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Investments | Plan Setup | Fiduciary Responsibility

401(k) Investments - Options for Selecting a “Prudent” Menu

By: Eric Droblyen
September 30th, 2020

Believe it or not, ERISA imposes few fiduciary responsibilities on business owners when selecting investments for their 401(k) plan. They boil down to picking – and maintaining - enough “prudent” investments to allow plan participants to diversify their account “so as to minimize the risk of large losses.” Prudent 401(k) investments are simply funds that meet their investment objective for reasonable fees.

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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.

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401(k) Fees | Provider Shopping | Plan Setup

Small Business 401(k) Tax Credits – Including SECURE Act Enhancements

By: Eric Droblyen
September 16th, 2020

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The legislation made many significant retirement plan changes, including enhanced tax credits for small businesses that start a new 401(k) plan and/or add an automatic enrollment feature to any 401(k) plan. For most small businesses, these changes took effect January 1, 2020. 

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Safe Harbor 401(k) | Retirement Planning | Plan Setup

Deadlines for 401k Adoption – Including SECURE Act Changes

By: Eric Droblyen
September 2nd, 2020

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The legislation made many significant retirement plan changes, including later deadlines for adopting a new 401(k) plan or amending a traditional 401(k) into a safe harbor plan. For most small businesses, these changes took effect January 1, 2020. 

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401(k) Fees | Retirement Planning | Provider Shopping

Paying 401(k) Admin Fees from Plan Assets Hurt Business Owners Most

By: Eric Droblyen
August 19th, 2020

When a 401(k) provider’s administration fees are paid from plan assets, they're typically allocated among plan participants pro rata based on account balance. That means the plan participants with largest account balances pay the highest fees. In most small business 401(k) plans, that group usually includes the business owner.

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Roth 401(k) | Retirement Planning | Plan Design

Roth vs. Traditional 401(k) Contributions – How to Choose

By: Eric Droblyen
August 5th, 2020

The most expensive thing you’ll probably buy during your lifetime is retirement. Perhaps you’ve never thought of “buying” retirement, but that’s exactly what you do when you participate in a 401(k) plan – you’re saving now to buy retirement income later. When you consider that income may need to last 10, 20, even 30 years, it’s easy to understand why retirement is not cheap. However, by following a simple 3-step plan during your working years - save early and often, invest appropriately, minimize account fees - you can reduce the out-of-pocket cost of your retirement by a lot.

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