Ubiquity

401k Provider for Business

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

  • Streamlined, flat-fee plans starting at $75/month
  • Easy online set-up and management
  • Flexible investment options
Looking for a 401k for your team?

Customize a retirement plan for your small business in just a few clicks.

How many employees do you have?

Just me and/or my business partner/spouse

Affordable 401k 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 401k, 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 401k 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 401k plans.

What Do 401k 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 401k 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 401k is a great way to make your business more competitive and desirable to top talent. Working with a compatible, responsive 401k 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 401k Provider?

A 401k provider can be an internal or external resource. Designating 401k plan administration within your enterprise is a full-time role, which is why many businesses prefer to outsource the complex responsibilities to an established 401k provider outside the company.

There are many benefits to outsourcing plan administration for both individuals and employers.

A third-party 401k 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 401k 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 401k 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 401k 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 401k providers:

  • Plan cost–One of the primary reasons small businesses fail to offer 401k 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 $18/month for Solo 401ks to $75/month for Safe Harbor 401ks, 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 401k 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 401k 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 401k 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. Plan participants have access to Edukate, an engaging benefits platform empowering employees with personalized financial guidance that will boost your plan participation rates.
  • Reviews from business clients with similar demographics to yours – Administering a small business 401k is different than administering a corporate plan. A good 401k 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 401k providers for small businesses.

Time to Change Your 401k Provider?

Perhaps you’ve already made the leap into planning retirement with a 401k 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 401k because it’s all their service providers offer. Switching your 401k provider can give you access to Safe Harbor, Solo, SIMPLE, and Roth 401k plans that grow with your business needs and employee preferences.
  • Your fees are too high. Some 401k 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 401k 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 401k provider will not only help you administrate but also communicate and ensure everyone is reaping the full rewards offered.

Switching 401k Providers

Switching 401k 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 401k provider or starting a retirement plan for the first time.

Ready to start offering a retirement plan for your employees?
Get Started

© 2020 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

Facebook Twitter LinkedIn YouTube

© 2020 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

Credit Card Logos