It's time to start thinking about your future. Learn about your options when it comes to small business retirement planning.
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How many employees do you have?Just me and/or my business partner/spouse
Next to healthcare, a 401(k) plan is the most coveted benefit among small business employees.
For a small business or new business owner, satisfying that expectation may seem overwhelming. There are so many serious considerations business owners must make as they learn the basics of retirement and savings plans, consider their budget, examine all their options, narrow down the field, and ultimately choose the provider that fits the bill. To help, the professionals of Ubiquity have broken down the differentiators here to show you why Ubiquity is consistently ranked among the top 401(k) providers for small businesses.
With plans starting as low as $18/month for solo 401(k)s and $75/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 percentagewise, 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.
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, with the passage of the Setting Every Community Up for Retire Enhancement Act pf 2019 (a/k/a “SECURE” Act), those who choose auto-enrollment, are eligible to receive a tax credit of $500 per year for the first three years of the plan.
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, US-based personnel. Whether you prefer email, a direct line to your representative, or portal ticket submission, we are here for you always. 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.
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.
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.
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.
Workplace financial wellness has been linked to employee productivity and retention, which ultimately supports your company’s bottom line. Ubiquity offers retirement savers access to Edukate, a benefits platform empowering employee with personalized financial guidance. Most employees fail to capitalize on company-sponsored benefits because they are dull and uninviting. With Edukate’s personalized and interactive content, you can ensure engagement, program scalability, and system integration to the fullest extent. The result is a more engaged, rewarded, productive, and loyal workforce.
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 (where more than 265 people have given us 4.1/5 stars), TrustPilot (where 77% of reviewers rate us “excellent”), and BBB (where we have maintained an A+ rating).
Socially responsible investment funds have been around since the 1960s when companies began realizing their power to highlight specific areas of political interest through capital. Today, 85% of small business investors express interest in value-conscious, sustainable investing. When you work with the top brokers, you’ll have access to more than 350 environmental, social, and corporate governance funds to grow your employee portfolios, while also making a difference in the world at large. As a small business 401(k) provider, Ubiquity crusaders are adept at market strategies to help you maximize your footprint on the Earth with sustainable impact investing.
The right provider for your business is out there.
Contact the reputable firms, gauge the level of responsiveness you receive from each, review the pricing of their 401(k) plans, and see which providers stand out the most. Ultimately, you’ll have a feeling one way or another that a particular small business 401(k) provider is the right fit for your company’s needs.
The retirement experts at Ubiquity are happy to answer any further questions you may have–schedule a free consultation to get started.