Ubiquity Retirement + Savings has been an affordable provider of 401(k) plans, designed for small businesses, start-ups, and solopreneurs since 1999.
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Affordable 401(k) options are widely available, whether you have a large corporation, a small business with less than 100 employees, a rapidly expanding startup, a sole proprietorship, an LLC, or a partnership. Employees will find it generally straightforward to participate in a 401(k), but there’s a lot going on behind the scenes to keep the plan running smoothly. From day-to-day administration to compliance requirements, it helps to work with a 401(k) provider for business who truly understands your company’s needs.
Since 1999, Ubiquity has served as a provider to more than 7,000 companies and over 100,000 savers in all 50 states, helping individuals reach their retirement goals through company-sponsored 401(k) plans.
Plan providers manage the behind-the-scenes aspects from structuring company offerings to advising. Depending on your service agreement, the responsibilities of a 401(k) provider may include:
Offering a 401(k) is a great way to make your business more competitive and desirable to top talent. Working with a compatible, responsive 401(k) provider like Ubiquity will ensure a smooth process throughout the year, so you reap all the benefits and suffer none of the administrative hassle.
A 401(k) provider can be an internal or external resource. Designating 401(k) plan administration within your enterprise is a full-time role, which is why many businesses prefer to outsource the complex responsibilities to an established 401(k) provider outside the company.
There are many benefits to outsourcing plan administration for both individuals and employers.
A third-party 401(k) provider will:
A third-party 401(k) plan provider delivers personal attention and expertise that leads to better peace of mind in knowing your plan is properly rolled out in line with your expectations and monitored for legal compliance. With so many 401(k) providers out there, it’s essential to select a provider who can meet your needs as a small business owner, as well as the needs of your employees.
Employers will need to make several important considerations in choosing among the various 401(k) providers:
Perhaps you’ve already made the leap into planning retirement with a 401(k) program, but you’re not 100% satisfied with your current provider. Sometimes it’s possible to negotiate better terms, fees, and services with your current provider once you know what others are offering. Other times, you may want to transfer the plan to a new provider who is more attuned to your needs.
Switching 401(k) providers doesn’t have to be a headache, but it does require thoughtful transition planning. A business owner who wants to change providers may do so through a process called “conversion,” which includes asset transfer, document preparation, selection plans, and participant enrollment. The conversion process can take anywhere from 60 to 90 days, but this timetable can vary. A one-time termination fee is typically charged by the old provider and a set-up fee by the new provider, but it’s a small price to pay for more affordable long-term costs and better services overall. Contact Ubiquity if you have any questions about switching to a new 401(k) provider or starting a retirement plan for the first time.