401(k) Provider for Business

Ubiquity Retirement + Savings has been an affordable provider of 401(k) plans, designed for small businesses, start-ups, and solopreneurs since 1999.

Streamlined, flat-fee plans starting at $97/month
Easy online setup and management
Flexible investment options

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Sole Proprietor

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 10,000 companies and hundreds of thousands of savers in all 50 states, helping individuals reach their retirement goals through company-sponsored 401(k) plans.

What Do 401(k) Providers Do?

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:

Consultation and initial plan design
Preparation plan description for participants
Monitoring employee contributions and withdrawals
Handling employee status changes
Approval of loan and distribution transactions
Monitoring legal compliance with the latest rules and regulations
Nondiscrimination testing and audit support
Preparation of Form 5500, Safe Harbor notices, and Form 1099-R
Assessment of participation rates
Day-to-day employee education and communication

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.

What are the Advantages of Using a Third-Party 401(k) Provider?

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:

Empower employers and employees to make informed retirement decisions, saving time and effort.
Offer a vast stream of knowledge regarding successful money management and tax savings.
Staff you with a Certified Financial Planner who advises on various savings and matching strategies.
Help employees determine their financial goals with personalized coaching and on-demand service.
Answer any questions employers or employees have about their 401(k) plans or other alternatives.
Perform oversight with routine compliance reviews, deadline adherence, and accounting audits.
Serve as your valued partner, always looking to the future to head off potential issues and pitfalls.

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.

Employer Matching Encourages Greater Savings

Employers will need to make several important considerations in choosing among the various 401(k) providers:

Plan cost – One of the primary reasons small businesses fail to offer 401(k) plans is the perception that administrative costs are too high. Though this may have been the case 10 years ago, today, companies like Ubiquity cater to the small biz clientele with flat fees, rather than costly Assets Under Management (AUM) fees. With plans from $19/month for Solo 401(k)s to $97/month for Safe Harbor 401(k)s, Ubiquity has something for everyone at a transparent, affordable price.
Ease of use – With the SECURE Act’s employer tax credit ($500/year for the first three years), auto-enrollment is the ideal way forward. Integrations with your existing Payroll and HCM can streamline employee participation with automatic deductions. At Ubiquity, you’ll never have to choose between honoring your preexisting fiduciary responsibilities and modernizing your business with a 401(k) program. We provide you with all the educational materials you need to ensure employee utilization of benefits.
Range of investment choices provided with the plan – There is a wide range of investment choices for 401(k) plan participants. Ideally, you will have access to everything from ETFs and index funds to mutual funds and sustainable investments. Ubiquity allows you maximum flexibility to choose the investment vehicles you desire through intuitive dashboard tools.
Support – Since many 401(k) providers operate 100% online, some teams offer nothing more than online chat service. Ubiquity offers the standard chat service but also guarantees direct phone support from highly-trained, US-based personnel. We provide a more comprehensive level of service with answers for business owners and employees alike.
Reviews from business clients with similar demographics to yours – Administering a small business 401(k) is different than administering a corporate plan. A good 401(k) provider has experience customizing the right plans for businesses like yours. You can read reviews from Ubiquity’s small business clients on reputable sites like Google Reviews, TrustPilot, and BBB, as well as the testimonials on our own website. It’s also worth looking into what the media has to say about the best 401(k) providers for small businesses.

Time to Change Your 401(k) Provider?

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.

Reasons to consider switching retirement providers include:

Your plan lacks flexibility. Many businesses are forced into a traditional 401(k) because it’s all their service providers offer. Switching your 401(k) provider can give you access to Safe Harbor, Solo, SIMPLE, and Roth 401(k) plans that grow with your business needs and employee preferences.
Your fees are too high. Some 401(k) providers charge a percentage of your investments with an Assets Under Management fee. While 1-3% may not sound like a lot, this can translate to thousands of dollars. AUM fees are designed to place an incentive on providers to pursue high-yield investments, but all too often, the value doesn’t compensate for the unnecessary costs.
Your benefits aren’t integrated with payroll. Separate tracking of employee contributions is not only cumbersome, but it can lead to computational errors and recordkeeping delays. Ideally, your 401(k) provider will offer full integration with your systems to reduce administrative burdens.
You have a low employee participation rate. Low utilization is a sign that employees are unhappy with the plan or uneducated about the benefits. A good 401(k) provider will not only help you administrate but also communicate and ensure everyone is reaping the full rewards offered.

Switching 401(k) Providers

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 setup 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.

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