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.

Greg Carpenter

Greg Carpenter founded Employee Fiduciary in 2004. With 29 years of experience in accounting and finance, Greg has brought his expertise to a variety of advisory, senior and executive management roles. Greg has worked for a national accounting firm, a Fortune 500 plan sponsor, a major brokerage firm, and he served as the CEO of a major 401k TPA firm. He is a CPA and earned his BA from Yale and his MBA from The University of Chicago Booth School of Business.

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Provider Shopping

Small business owners are redefining the market for 401k plans. Result: Mass market “products” are about to go extinct.

By: Greg Carpenter
October 28th, 2014

Wealth equals choice. Choice is the ultimate power and the reason people pursue wealth in the first place. The ability to choose among many good options is the key to building an attractive lifestyle. Wealthy people are loathe to trade away choice unless very well compensated. That’s a common observation across all markets and professions.

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Revenue Sharing | Investments | Fiduciary Responsibility

Edison International case highlights a needed reform: Share class restrictions in 401k plans.

By: Greg Carpenter
October 22nd, 2014

The Edison International case involves a plan sponsor who put “retail” class shares in its company 401k plan when identically managed but lower cost “institutional shares" were available. The difference in the two share classes was a 12(b)1 fee markup that was deducted from participant assets and used to pay administrative costs of the plan. The Supreme Court will be hearing the case and will likely weigh in on how and when plan participants are allowed to sue plan sponsors.

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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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Financial Advice | Fiduciary Responsibility

Hiring an ERISA 3(38) Investment Manager can be the simplest way to limit 401k investment liability.

By: Greg Carpenter
October 15th, 2014

  401k Investment Liability In recent years, several high-profile lawsuits have alleged that employers violated their fiduciary duty to prudently select and monitor the investment options offered in their 401k plans. These lawsuits have targeted larger plans, but the fiduciary standards cited apply equally to both large and small business retirement plans.

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Employee Enrollment

Financial wellness is impossible to achieve without plan participation. Here’s how to address the issue with your employees.

By: Greg Carpenter
October 8th, 2014

The primary reason employees do not participate in 401k plans is their personal budget. They simply do not believe they can put money away without a significant change in lifestyle. No matter what other incentives an employer may offer – e.g., matching contributions, financial advisors – budget concerns trump all other considerations. No matter what, they won’t participate if they don’t think they can afford it.

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401(k) Fees

Why small business retirement plans with high asset balances actually pay more for their plan services.

By: Greg Carpenter
October 2nd, 2014

Let’s compare two small business 401k plans and you tell me which company is getting the better deal.

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Thought Leadership

Vanguard’s John Bogle makes his case for improving 401k plans. Here’s why his Senate testimony rocks.

By: Greg Carpenter
September 24th, 2014

At 85, John Bogle remains a leading, and fiercely positive, advocate for the long-term future of 401k plans. Last Tuesday he testified before – or more accurately, unloaded on - the Senate Finance Committee at its hearing on retirement savings plans. Love him or hate him, you must admit he speaks his mind. He detailed the flaws in the current regulations governing retirement plans. And he presented pointed criticism of the mutual fund industry for putting profits above fiduciary duty. His testimony is a “must-read” for anyone engaged in the debate for retirement plan reform.

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