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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.
What’s Old Is New Again: “Mega Back Door” Roth IRA Contributions Spark New Interest in Old School After-Tax Contributions

What’s Old Is New Again: “Mega Back Door” Roth IRA Contributions Spark New Interest in Old School After-Tax Contributions

By: Holly Roussel-Godfrey

May 24th 2016

Simplified Roth IRA rollover rules have raised much media buzz about 401k after-tax contributions resulting in many small business owner inquiries.
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How to Evaluate 401(k) Provider Competence in 2 Easy Steps

How to Evaluate 401(k) Provider Competence in 2 Easy Steps

By: Eric Droblyen

May 18th 2016

ERISA requires small business 401(k) fiduciaries to select “competent” 401(k) providers, but this job can be difficult due to the technical complexity of 401(k) services. To simplify the evaluation of provider competence, fiduciaries should focus on objective criteria that indicate competence.
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Plan Participation Problems? No Problem

Plan Participation Problems? No Problem

By: Holly Roussel-Godfrey

May 10th 2016

Sometimes it can be a struggle for plan sponsors to encourage participation in their company’s 401k plan. Plan design options as well as participant education can make a huge difference in participant interest and enthusiasm about saving.
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What’s the #1 Reason for 401(k) Lawsuits?  Overpriced or Superfluous 401(k) Services

What’s the #1 Reason for 401(k) Lawsuits?  Overpriced or Superfluous 401(k) Services

By: Eric Droblyen

May 4th 2016

The DOL’s new fiduciary rule will make the value of 401k services more important than ever. Small business 401k fiduciaries should root out overpriced or superfluous 401k services to protect themselves from personal liability.
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Setting Up A 401(k) Plan: The Cliff Notes

Setting Up A 401(k) Plan: The Cliff Notes

By: Holly Roussel-Godfrey

April 26th 2016

Many plan sponsors can sometimes be overwhelmed by the idea of setting up a 401k plan and its responsibilities. A high level review of what is required and setting a budget can help set plan sponsors up with realistic expectations and ease fears about 401k plan set-up.
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The DOL’s New Fiduciary Rule – the Value of 401(k) Investment Services Will Be More Critical Than Ever

The DOL’s New Fiduciary Rule – the Value of 401(k) Investment Services Will Be More Critical Than Ever

By: Eric Droblyen

April 20th 2016

The final version of the DOL’s fiduciary rule was released April 6. This rule will make the value of 401k investments and related services more critical than ever for small businesses and financial advisors.
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3 Tax Advantages of 401(k) Plans

3 Tax Advantages of 401(k) Plans

By: Holly Roussel-Godfrey

April 12th 2016

Among the many 401(k) benefits for small business plan sponsors and participants, there are some great tax advantages. The sooner a 401(k) plan is established, the greater the benefits.
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Picking 401(k) Investments and Related Services Is Easy When Fiduciaries Know Their Options

Picking 401(k) Investments and Related Services Is Easy When Fiduciaries Know Their Options

By: Eric Droblyen

April 6th 2016

Given the dizzying array of 401(k) investment options and services, small business 401(k) fiduciaries are often confused regarding the best options for their plan. The process of 401(k) investment decision making can be made easy by breaking it down.
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When ADP/ACP Testing Fails, 401(k) Fiduciaries Should Understand Their Options

When ADP/ACP Testing Fails, 401(k) Fiduciaries Should Understand Their Options

By: Eric Droblyen

March 23rd 2016

March 15 was the deadline for most 401k plans to distribute 2015 ADP/ACP test corrections in order to avoid a 10% IRS excise tax. Small business 401k fiduciaries do not need to settle for annual ADP/ACP test failures. There are many ways ADP/ACP test returns can be avoided or reduced. Once a fiduciary understands these options, they can discuss them with their 401k provider.
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SEC Money Market Reform Will Affect Many Small Business 401(k)s in 2016; 401(k) Fiduciaries Should Understand its Consequences

SEC Money Market Reform Will Affect Many Small Business 401(k)s in 2016; 401(k) Fiduciaries Should Understand its Consequences

By: Eric Droblyen

March 9th 2016

SEC money market reforms will take effect in 2016. If a 401(k) includes a money market fund in its investment lineup, small business fiduciaries should understand the consequences of these reforms in order to decide if their plan’s money market fund should be replaced in advance of the new rules.
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