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

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) 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

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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Provider Shopping | Plan Design | 401(k) Studies

The 5 Most Popular Types of Small Business 401(k) Plans

By: Eric Droblyen
July 22nd, 2020

Tens of thousands of dollars are on the line.  This might sound a bit sensational, but when it comes to choosing the right type of 401(k) plan, this is true a lot more often than many small business owners realize. 

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Provider Shopping | Plan Setup

How Much Time Does Annual 401(k) Administration Take?

By: Eric Droblyen
July 8th, 2020

According to AARP, Americans are 15 times more likely to save for retirement when they can do so by payroll deduction through a workplace retirement plan. However, while most large businesses – companies with more than 100 employees – sponsor a retirement plan, 51 to 71 percent of small businesses don’t. In a Pew Charitable Trusts survey, small business owners cited “resources required to start and maintain a plan” as one of the top reasons they don’t sponsor a 401(k) plan. To help more Americans save for retirement, overcoming this concern is essential.

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