Overall Plan Cost
With plans starting as low as $19/month for solo 401(k)s and $97/month for safe harbor 401(k)s, you will never pay more than necessary to provide retirement benefits to your employees. Ubiquity is the only small business 401(k) provider that has maintained a low, flat-fee model since 1999. We have never charged assets under management (AUM) fees.
Most 401(k) providers charge AUM fees for the management of the portfolio, investment advice, investment fees, and custodian compensation under the guise that it will be in everyone’s best interest to grow the portfolio aggressively if the provider gets more commission. While paying an extra 1-1.5% may not seem like a big deal percentage-wise, it can end up costing businesses significantly more than they need to spend. On the other hand, flat fees are much more transparent, more affordable, and more consistently assessed.
Easy Setup and Management
Ubiquity offers plans that integrate with your existing payroll and HCM practices, so you never have to choose between modernizing your business with a 401(k) and honoring your fiduciary responsibilities. Built-in auto-enrollment makes it virtually effortless for employees to begin saving for the future. We provide you with a wealth of information to share with your staff to ensure utilization of the benefit. For example, under Secure 2.0, those who choose auto-enrollment (which will be mandatory starting in 2025) are eligible to receive a tax credit of $500 per year for the first three years of the plan.
Level and Type of Support
Some 401(k) providers offer online chat support at best. But what if you need more responsive services? Ubiquity guarantees online and phone support from highly trained, experienced personnel. Whether you prefer email, a direct line to your representative, or portal ticket submission, we are here for you. Today, support doesn’t just mean providing answers to the small business owner’s questions. Ubiquity extends personal assistance to the plan’s employees as well. Anyone can offer a 401(k) plan, so be sure to look for one backed by staff capable of supporting everyone on the team by whatever means they prefer.
Investment Choices
There is a wide range of investment choices provided with any plan you choose. You should be able to access flexible options and different families of funds. Educational materials and intuitive dashboard tools provided by Ubiquity are designed to make it easy to select and manage your investments. Should you need additional assistance, we offer that level of white glove service, too.
Compliance Support
We don’t need to remind you how much small business owners juggle day to day. We know you don’t have time to track every plan, detail, and deadline. As a Plan Sponsor, you are responsible for reporting to the government throughout the year. To that end, Ubiquity provides a calendar of all 401(k) deadlines you must meet throughout the year to ensure your plan remains in compliance, free of unnecessary administrative hassles, and without any late fee penalties. If you wish to delegate some of these administrative obligations, we can also act in a limited fiduciary capacity pursuant to ERISA. Ask us for expert advice regarding the Safe Harbor option or share any questions you have about Form 5500.
Employee Education
A comprehensive education program can significantly boost both participation and savings rates by eligible employees. Ubiquity bridges knowledge gaps by showing employees how to use and make the most of their new 401(k) plans. Over time, our eager experts look forward to sharing insights, answering questions, and addressing concerns. It is our top priority to ensure that all your employees feel supported and secure while saving for their futures.
Financial Wellness Tools
Workplace financial wellness has been linked to employee productivity and retention, which ultimately supports your company’s bottom line. Use Ubiquity’s Resource Center and blog for information in clear language with no confusing jargon.
Reviews From Small Business Clients
At one time, 401(k)s were unappealing to small businesses because they were expensive and saddled with a lot of unnecessary overhead. Today, a lean small business 401(k) can give you everything you need, without the bloated micromanagement service packages. One of the best indicators of any small business 401(k) service provider is the collective unfiltered, real-world experiences of other businesses like yours who have already taken the leap of faith to work with a particular provider you’re considering. Ubiquity small business client reviews can be found on reputable sites like Google Reviews, TrustPilot, and BBB.
