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Happy Holidays from the Frugal Fiduciary! As 2019 comes to a close, we looked back through this year’s blogs to find our most-read blogs. It turns out our most popular blogs related to the following topics:
- 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.
So, in case you missed them the first time, or just want a refresher, here are our top 10 most-read blogs of 2019.
- 401(k) Contribution Deadlines – You Don’t Want to Miss Them! - When 401(k) contributions - employee or employer - are deposited late, there are consequences for employers. With some education, they are easily avoided.
- Safe Harbor or Traditional 401(k) Plan – How to Decide - Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today, but they are not the best fit for every small business.
- The SECURE Act and RESA - the Good, the Bad, and the Ugly - Congress wants to expand workplace retirement plan coverage. The SECURE Act and RESA aim to do that. They offer 401(k) reform, but won't expand coverage.
- 401(k) Mutual Funds – Pay Attention to Share Class! - Mutual funds are often available in multiple share classes. To serve the best interest of 401k participants, the least expensive share class should be used.
- Switching 401(k) Providers? What to Expect and Pitfalls to Avoid - To lower your 401k fees, you may need to replace your plan provider. This move can seem daunting until you understand the process and the pitfalls to avoid.
- Traditional Safe Harbor 401(k) Plan vs. QACA – How to Choose - There are two basic types of safe harbor 401(k) plans available today – traditional and QACA. Business owners should understand their differences.
- Revenue Sharing - 5 Reasons for 401(k) Fiduciaries to Avoid it - Revenue sharing makes it harder than necessary to meet 401(k) fiduciary responsibilities. I recommend employers pay direct 401(k) provider fees instead.
- 401(k) Fee Study: What Does a Fiduciary-Grade Advisor Cost? - Our fee study of 753 fiduciary-grade financial advisors shows impartial advice reduces the total cost of a 401(k) plan. Employers should not settle for less.
- How Compound Interest and Dollar Cost Averaging Reduce the Cost of Retirement - Saving for retirement can seem futile when you can't afford to contribute much to a 401(k) plan. Compound interest and dollar cost averaging can help.
- Hardship 401(k) Distributions – Frequently Asked Questions - At first blush, the 401(k) hardship distribution rules can seem overwhelming. In truth, most can be understood with some basic education. Our FAQ can help.
Curious to see our top 10 blogs of 2018? Check out our 2018 Top 10 list. Last year, our top topics were:
- Plan administration – how to meet 401(k) fiduciary responsibilities and plan qualification requirements.
- 401(k) fees – How much service providers are charging and how to pay their fees.
- Employer contributions – Basics about employer contributions, including how to decide between profit sharing and matching contributions
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 the 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 2020!
