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Congress, Cash Flow, and Retirement Regret



Chad Parks is Founder, President, and CEO of Ubiquity Retirement + Savings, formerly The Online 401(k), has helped savers contribute over $1.4 billion towards their retirement since 1999. As one of the first flat-fee-for-service small business plan providers in the nation, Ubiquity delivers peace-of-mind with zero hidden-fees in the fine print. The company is headquartered in San Francisco with satellite offices from coast-to-coast. Read More...

Parks started out as a broker in the financial services industry by growing a portfolio of individual clients at San Francisco’s Piper Jaffray. Driven by a desire to better serve his clients while anticipating the phasing out of the traditional broker model, Parks left Piper Jaffray in 1997 to obtain his CFP designation and start his own fee-for-service, independent financial planning practice, Retirement & Education Group, Inc.

In his financial planning practice, Parks came across many small business owners looking for cost-effective and quality retirement plans. Finding the small business market highly neglected and underserved, Parks saw the opportunity and took it by launching The Online 401(k). Today, Ubiquity serves more than 7,000 small business customers in 50 states, providing solutions both directly and through partners, such as Zenefits, Charles Schwab & Co. and Morningstar, as well as payroll companies, financial planners and CPAs.

Parks has been quoted in many financial services as well as national publications such as The Wall Street Journal, The New York Times, Fox Business, Yahoo! Finance, USA Today, CNN Money, Bloomberg Wealth Manager, Business Week, Entrepreneur and Plan Sponsor for his considerable work performed in the space of small business retirement as well as his foray into documentaries with his independently produced Broken Eggs Film, released in 2014.

With his extensive work in Washington DC in getting legislation passed in order to stop the practice of hiding fees in the fine print, Parks has become the go-to expert on public policy as it relates to 401(k), as well as the looming retirement crisis in America, and what we can do to fix it.


February 8, 2012 at 10:48 pm
Retirement News


So by now you know we are up to our a$$’s in debt right?

You know that Congress has been tasked with reducing spending… And don’t forget spending’s ugly stepsister raising revenue (i.e., taxes). I learned yesterday from a little bird that the Senate Finance Committee is seriously considering adding to the Highway Bill, of all things, a provision that will change the way inherited IRA accounts will be taxed.

How it works today

Let’s say you inherit an IRA account from that great, great Uncle you had forgotten about. Under today’s rules, you as the beneficiary of that account, are able to keep it as an IRA and not be forced to begin withdrawing the money from it until you are the ripe old age of 70½ (yep, that’s 70½). That means you could really benefit from some long-term tax deferred growth, making that account potentially very valuable to you.

What is being proposed?

In the interest of raising tax revenue today, this new law would require you to liquidate the account and withdraw it all within five years of receiving it. The thought is that it would raise $3.9 billion in tax revenue over the next 10 years!

This is just the tip of the proverbial tax revenue-raising iceberg. Watch for Congress to eye your other retirement savings programs in the interest of short-term gains… And at what long-term costs?

While the current retirement savings programs we have are far from perfect, they’re working and they’re all we have. Call or email your representatives and tell them to keep their hands off your retirement savings!