The Frugal Fiduciary Blog

Good News, 401k Fiduciaries! DOL Fee Disclosure Rules Make ERISA 404(c) Compliance Simple

Posted by Eric Droblyen on Dec 2, 2015

During the 4th quarter of each year, most 401k sponsors are distributing notices to participants that disclose certain plan information about the upcoming year – the safe harbor 401k notice is an example. Most sponsors try to coordinate the distribution of these notices with their plan’s annual fee disclosure notice, which is required under ERISA 404a-5 (“404a-5 notice”).

The 404a-5 notice discloses certain plan expenses (administration, individual and investment-related) to 401k participants. First required in 2012, its purpose is to help 401k participants make informed plan choices.

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Topics: ERISA, 404(c)

The DOL’s Fiduciary Rule: Why Can’t Regulators do Simple?

Posted by Eric Droblyen on Jun 17, 2015

Since the DOL released its fiduciary proposal, I’ve been trying to digest it so I can provide any concerns to the DOL during their comment period.  This has not been an easy task.  The DOL’s proposal is complex.  My review got me thinking about DOL regulations in general – why aren’t they less complicated? I think they can be, being more effective in the process. 

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Topics: 401k plan sponsor, ERISA, DOL

New Year’s Resolution # 1 for Fiduciaries – “I WILL Evaluate My 401k Plan Fees"

Posted by Eric Droblyen on Dec 30, 2014

I have always liked New Year's resolutions. They are a great excuse for ending bad behaviors or starting good ones. Here’s one for all small business 401k sponsors – “I will evaluate my plan fees for reasonableness.” Let me explain why…
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Topics: 401k plan sponsor, fiduciary, ERISA, 401k blog, 401k fees, 401(k), DOL

MassMutual settled its “functional fiduciary” lawsuit – a cause for hope for greater fee transparency.

Posted by Greg Carpenter on Nov 10, 2014

Functional Fiduciary Lawsuit
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Topics: revenue sharing, 401k plan sponsor, retirement plans, ERISA, small business 401k, 401(k), expense ratio

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