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Happy Holidays from the Frugal Fiduciary! As 2020 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 design – Basics about popular 401(k) features, including the factors business owners should consider when evaluating them for their plan.
- Plan establishment – The differences between popular retirement plan types, including the tax credits and deadlines for establishing either plan.
- Plan administration – The major 401(k) plan administration tasks, including their deadlines for completion.
- Plan legislation – Summaries of major retirement plan legislation that took effect in 2020, including the SECURE and CARES Acts.
So, in case you missed them the first time, or just want a refresher, here are our top 10 most-read blogs of 2020.
- Safe Harbor 401(k) Plans: Answers to Common Questions - Safe harbor 401(k) plans are increasingly popular with small businesses. Our FAQ can help owners decide if one is right for their company.
- 401(k) Annual Administration - A Checklist for Business Owners - An important 401(k) fiduciary responsibility is ensuring plan administration tasks are completed timely each year. Our checklist can make this job easy for business owners.
- Small Business 401(k) Tax Credits - Including SECURE Act Enhancements - The SECURE Act lowered the out-of-pocket cost of starting a new small business retirement plan – including 401(k)s, SIMPLE IRAs, and SEPs - by enhancing the tax credits available to business owners.
- Deadlines for 401k Adoption - Including SECURE Act Changes - The SECURE Act made it easier for businesses to adopt a new 401(k) plan or add a safe harbor feature to an existing plan by extending the deadlines to do so.
- The SECURE Act of 2019 - An Analysis of Key 401(k) Changes - The SECURE Act made it easier for businesses to adopt a new 401(k) plan or add a safe harbor feature to an existing plan by extending the deadlines to do so.
- 401(k) vs SIMPLE IRA: Which is Right for Your Business? - 401(k) or SIMPLE IRA? The kind of plan you pick could have an enormous impact on the finances of everyone involved in your business. Choose wisely.
- COVID-19 - 401(k) FAQs for Business Owners and Plan Participants - Many small business owners affected by COVID-19 want to know how to defray their 401(k) plan expenses or help workers tap their savings. Our FAQ can help.
- 401(k) Testing - Deadlines Employers Should Know - While a professional Third-Party Administrator (TPA) usually completes 401k testing, employers must understand the deadlines that apply to test corrections and contribution deposits.
- The CARES Act - 401(k) Participant Distribution and Loan Options - Taking a CARES Act 401(k) distribution or loan can delay an individual's future retirement by years. Our overview can help weigh this difficult decision.
- Roth vs. Traditional 401(k) Contributions - How to Choose - If your 401(k) plan permits Roth deferrals, it can be worth your time to decide whether they're a better choice than traditional deferrals for your account.
Curious to see our top 10 blogs of 2019? Check out our 2019 Top 10 list. Last year, our top topics were:
- Plan contributions – Deadlines for depositing contributions and how to decide between traditional and safe harbor contributions.
- 401(k) fees – How mutual fund share class affects 401(k) administration fees, reasons to avoid revenue sharing, and the cost of fiduciary-grade investment advice.
- 401(k) reform – New 401(k) rules for 2019.
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 Help 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 2021!
