Ubiquity

Category: Press

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Ubiquity Media Roundup Graphic

From new Department of Labor regulations to state-mandated retirement plans, there is no shortage of activity in the retirement space today. Industry publications regularly turn to our team members for their expert opinions on the latest announcements, programs and research impacting retirement savers like you.

We recapped some of these happenings below with media articles featuring our team’s insight. To find future insight from the Ubiquity team, follow us on Twitter, Facebook, LinkedIn and YouTube.

Employee Benefit News

When the Department of Labor reduced the limitations governing multiple employer plans (MEPs), Employee Benefit News consulted our Vice President of Compliance and Regulatory Affairs, Nasrin Mazooji. Nasrin weighed in on the likelihood that the industry will move to authorize open MEPs, which would allow employers without a common nexus to join forces and offer a retirement savings plan.

In their current design, MEPs typically reduce the cost, administrative burden and fiduciary liabilities associated with offering small business employees access to a workplace retirement savings plan. However, they aren’t quite as flexible as company-sponsored retirement plans. Nasrin explained why MEPs aren’t a one-size-fits-all solution and how small businesses should approach them under this new legislative action.

401k Specialist

Another area of legislation impacting the retirement savings industry is state-mandated retirement plans. More than 30 states have expressed interest in establishing legislation requiring small businesses to offer employees a retirement plan. Our Director of Product Development, Ashvin Prakash, has been keeping a close eye on the implementation and adoption of these programs and recently authored a piece for 401k Specialist about how they could affect 401(k) product development.

In an effort to better serve small businesses, more 401(k) providers are opting for simplified plan designs and increased reliance on flat-fee models. To compete with the state’s plan, private providers will likely incorporate 3(38) offerings into their plans to reduce fiduciary risk and develop new API integrations to streamline payroll automation.

With the introduction of these mandates, Ashvin expects demand for savings plans to increase. Our team is continuing to monitor how these state-sponsored retirement plans will affect small businesses and the retirement industry as a whole.

PLANSPONSOR

Research indicates that 42 percent of Generation X is prioritizing paying off debt over saving for retirement. PLANSPONSOR, a go-to resource for America’s retirement benefits decisionmakers, turned to our Founder and CEO, Chad Parks, for insight on the unique financial challenges facing this generation and how plan sponsors can help individuals tackle them.

As a Gen Xer himself, Chad shared his experience of juggling financial responsibilities as part of the sandwich generation and how account aggregation solutions can help people in similar situations appropriately allocate their money and prioritize saving for retirement.

WealthManagement.com

With more than 24 years of experience in the retirement industry, Chad has witnessed firsthand the evolution of 401(k) record-keeping technology. In this bylined article, Chad shares his observations from his time as an independent registered investment advisor and CFP. The difficulty he experienced in finding plan providers who offered cost-effective access to multiple fund families for his small business clients led him to establish an online, fully bundled, open architecture 401(k) platform in 1999. Chad’s vision withstood and evolved with the introduction of numerous regulatory changes such as the Single(k), fee disclosure rules and the fiduciary rule.

These technological advancements have improved small business access to professional investment management, lowered costs associated with offering a workplace retirement savings plan and automated investment selection. For this reason, Chad underscores how crucial it is for advisors today to embrace technology but never underestimate the value of human connection in client relationships.

Uber’s highly anticipated IPO this spring shined a spotlight on ride-hailing driver benefits as compensation strikes took place around the world.

The majority of these workers are considered independent contractors, which precludes them from traditional employee benefits like a 401k. On the heels of this news, Amazon offered a $10,000 incentive for workers to quit their jobs and start their own business delivering Amazon packages. This initiative, if enacted, would create a new pool of independent contract workers who, like Uber drivers, lack or lose access to company-sponsored retirement savings plans.

How can the growing population of independent contractors ensure they’re keeping their retirement savings on track?

Our Founder and CEO, Chad Parks, has been at the forefront of these discussions with respected members of the media. Most recently, Yahoo! Finance turned to Chad for his reaction to the Uber driver strikes. In this article, Chad articulated just how important personal savings is when it comes to funding retirement, especially with Social Security making up a small portion of retirement income.

However, Chad underscored that all hope is not lost for gig economy workers. He outlined three retirement savings plans worth considering:

  • Traditional IRA: When saving with a traditional IRA, individuals pay income tax at the time those funds are used. Chad explained that this type of account is generally more beneficial for savers over the age of 40.
  • Roth IRA: Conversely, the money invested in a Roth IRA account is taxed at the time of deposit and thus, can be withdrawn tax-free at retirement. According to Chad, individuals under the age of 40 usually benefit more from this savings vehicle by incurring taxes when they fall into a lower-tax bracket. For both traditional and Roth IRAs, the contribution limit for 2019 is $6,000.
  • Single 401k: This savings option is also referred to as the Self-Employed 401k, Individual 401k or Solo 401k. It’s a retirement plan specifically designed for those who are self-employed or considered independent contractors. The beauty of this product is that it’s flexible and entrepreneur-friendly. In good years, you can sock away as much as $19,000, which is the annual contribution limit. In leaner years, you aren’t required to save as much. Want to learn more about saving without the 9-5? Meet Ubiquity’s solo savings vehicle: Single(k).

A deeper dive into Single(k) savings

To further explore the benefits of a Solo 401k and how to determine if this plan is right for you, Chad authored an article for Next Avenue, a PBS affiliate. In this piece, Chad answered some of the most common questions regarding Single 401(k) plans and outlined the key reasons to consider participating in them, such as flexible contributions, tax-deferred growth on investments and reduced taxable income for pre-tax salary contributions. For more information on Single 401(k) plans, check out Chad’s piece, which was also picked up by MarketWatch!

Ubiquity Retirement + Savings is committed to providing simple and affordable retirement savings plans to enable small businesses and those in the gig economy to prepare financially for their retirement. We’ll continue monitoring these events and will be sure to keep you updated on the latest legislative initiatives and retirement plan options.

For more information on small business and gig economy savings options, follow us on Twitter, Facebook, LinkedIn, and YouTube.

March Media Roundup

Dylan Telerski / 18 Mar 2019 / Press, Retirement News

Ubiquity Media Roundup

Ubiquity in the News

As a pioneer in small business retirement savings, we’ve been leading the charge for nearly 20 years on making it as simple and convenient as possible to save for your future. With this mission rooted deep in our company, respected members of the media frequently turn to Ubiquity Retirement + Savings for our insights and expertise on the retirement market, savings strategies, and fintech industry trends.

Check out some recent media placements below, featuring insights from our Founder and CEO, Chad Parks. For more tips on optimizing your firm’s retirement savings plan, follow us on Twitter, Facebook, LinkedIn, and YouTube.

WealthManagement.com

From his early days as a financial advisor to his current role at Ubiquity, Chad has seen a lot of changes and improvements in financial services throughout his career. He drew upon these experiences to craft some ‘predictions’ for the industry, which he recently shared with the readers of WealthManagement.com. In this bylined article, Chad pointed to two key trends that could transform the financial services landscape, including the introduction (and eventual takeover) of artificial intelligence in financial advisory roles and the elimination of the asset-based fee model. Though these changes may seem drastic, Chad underscored that they will ultimately improve the savings experience for businesses and everyday consumers alike.

Zacks Investment Research  

Zacks Investment Research welcomed Chad on its Tech Talk Tuesday podcast to discuss everything from the small business retirement plan marketplace, to financial technology, to potential implications of the looming retirement crisis. Host Ryan McQueeney kicked things off by asking Chad about his early career in financial services, where Chad illustrated what sparked his passion for serving the small business market. From there, Ryan and Chad covered the current small business retirement landscape and how Ubiquity got its start catering to this historically underserved community. Chad then highlighted his involvement in producing the “Broken Eggs Film” documentary, which shines a light on the dangers of an under-funded retirement with powerful stories from real people. Closing out the conversation, Ryan and Chad discussed how the fintech industry will continue to become further integrated to provide a “one-stop-shop” for the best possible user experience. This podcast was even picked up by Yahoo Finance and Nasdaq!

 

PLANSPONSOR

PLANSPONSOR, a leading retirement industry trade publication, turned to Chad for his thoughts on best practices when converting to a new retirement plan recordkeeper. In this piece authored by Editor Lee Barney, Chad discussed how to keep things organized when making the transition to a new recordkeeper, and by extension, how to avoid any mishaps in the process. This means getting your documents, including financial statements, compliance tests and annual reports, organized before you even start the process. Chad also underscored the importance of ensuring everything is fully compliant with the Department of Labor (DOL) and Internal Revenue Service (IRS) prior to the conversion, and double- and triple-checking that participant account balances are correct once the conversion is complete.   

Kiplinger’s Retirement Report  

A successful retirement doesn’t stop at building a nest egg; having a plan to guide your decisions along the way is critical. That’s why Chad spoke with Kiplinger’s Retirement Report Editor Rachel Sheedy to identify key dates those nearing retirement can’t afford to miss out on. Chad reminded savers that all 2018 IRA contributions must be made by the tax-filing deadline of April 15, 2019. For the 2018 calendar year, Chad noted IRA contribution limits are capped at $5,500 for those under age 50 and $6,500 for those over 50. He also provided tips to ensure all your paperwork is in order to properly file crucial tax documents ahead of the deadline.

 

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44 Montgomery Street, Suite 3060
San Francisco, CA 94104
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© 2019 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

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