The Top Ten Frugal Fiduciary 401(k) Blogs of 2023

Happy Holidays from the Frugal Fiduciary! As 2023 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:

• Plan contributions – including a Roth contribution FAQ, the use of plan forfeitures, contribution deductibility, and the 402(g) limit for elective deferrals.
• Law changes – including the major provisions of SECURE 2.0 and the new plan audit rules.
• Plan establishment – including the enhanced tax credits for small businesses that start a new plan and how to replace a SIMPLE IRA with a 401(k) plan.

So, in case you missed them the first time, or just want a refresher, here are our top 10 most-read blogs of 2023.

1. 401(k) Required Minimum Distributions – What You Need to Know - Failing to take required minimum distributions from your 401(k) can result in tax penalties. Understanding the RMD rules can keep you safe.
2. SECURE Act 2.0 – A Summary of the Major 401(k) Provisions - SECURE 2.0 makes sweeping changes to 401(k) plans. Employers should understand the most significant provisions to prepare their 401(k) plan for them.
3. Small Business 401(k) Tax Credits – SECURE 2.0 Updates - Discover three small business 401(k) tax credits that can help lower the out-of-pocket cost of starting a small business retirement plan. Plus, read the latest changes due to SECURE 2.0.
4. 401(k) Eligibility: When to Let Employees Join Your Plan - Company goals, employee demographics, and plan features are all factors small businesses should consider when choosing 401(k) eligibility terms.
5. New 401(k) Audit Rule for Form 5500 is Good News for Small Businesses - Recent Form 5500 changes will subject fewer small business 401(k) plans to an independent qualified public accountant audit.
6. Replacing a SIMPLE IRA with a 401(k) – Frequently Asked Questions - Replacing a small business SIMPLE IRA with a 401(k) is not a complicated process, but it does require planning. Our FAQ can help the process go smoothly.
7. 401(k) Forfeitures: How and When They Must Be Used - A forfeiture is the non-vested portion of a 401(k) account when certain events occur. We summarize how and when 401(k) plans must use forfeitures based on IRS rules.
8. Roth 401(k) Contributions – Answers to Common Questions - Historically, low income tax rates make Roth 401(k) contributions more affordable than ever. This FAQ can help you decide if they are right for you.
9. The 402(g) Limit for 401(k) Plans – FAQs for Employers - The 402(g) limit may be the most straightforward 401(k) contribution limit, but it can get complicated fast when an individual contributes to multiple plans in a year.
10. 401(k) Contribution Deductibility – What Employers Need to Know - Understanding the deduction rules for 401(k) plan contributions can significantly reduce your business’s tax liability. These rules boil down to limits and timing.

Curious to see our top 10 blogs of 2022? Check out our 2022 Top 10 list. Last year, our top topics were:

• Plan testing – including the percentage of plans that fail annual tests, a guide to safe harbor 401(k) plans, and a deep dive on the IRC section 415 limit.
• Participant distributions – including an FAQ for employers and how a 401(k) to IRA rollover can make retirement more expensive for savers.
• Fiduciary liability – including how PEPs can increase it, how index funds can decrease it, and insights from attorney Jerry Schlichter.

Want additional retirement plan information? Check out our 401(k) Resource Center. It includes retirement plan insights and information by Employee Fiduciary experts.

I hope you find Employee Fiduciary blogs and Resource Center informative. There is no reason for small business or their employees to be intimidated by 401(k) plans. Plan sponsorship and participation should be simple, safe, and cost-effective. It can be with some basic, common-sense guidance.

Best wishes for 2024!