The Illinois Secure Choice Alternative: A Ubiquity Small Business 401(k)

A Ubiquity Small Business 401(k) enables:

A maximum contribution amount of $22,500 (over 3x higher than the Secure Choice IRA)
An additional annual employer contribution limit of $43,500 (not available with a Secure Choice IRA)
Transparent, flat fees that don't change with your account balance (while Secure Choice's asset-based fees grow with your savings)
Receive up to $16,500 in tax credits over three years when you open a 401(k).*
(*Up to $5,000 per year, plus an additional $500 per year for automatic enrollment for the first 3 years)

Empower your future with an affordable, customized retirement solution.

We’ve spent 20 years dedicated to small business retirement success. Call 866.634.6116 or schedule a free consultation with a retirement specialist.

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Chicago Illinois at dusk

Small Business Retirement Planning in Illinois

Illinois is one of the first states to launch a retirement savings initiative. All businesses with 5-15 employees will be mandated to choose from the one-size-fits-all, state-provided, automatic Individual Retirement Account (IRA) or sign up for an eligible retirement plan with a private provider.

Employers who do not comply with the Illinois Secure Choice Savings Program Act may face a penalty of $250 per employee for the first year, and $500 per employee for each subsequent year.

Employer Size

Registration Deadline

5–15 employees

—DEADLINE APPROACHING!—

November 1, 2023

We’ve got the best alternative. Ubiquity Retirement + Savings™ provides affordable and robust 401(k) plans customized to meet your needs.

How does the Secure Choice IRA stack up to our most popular small business retirement plan?

A 401(k) solution provides employers with the opportunity to maximize their contributions and tax savings while helping their employees save for the future. With a 401(k) plan you can contribute 3 times more than with an IRA:

State Plan

Ubiquity 401(k)

Maximum employee annual contribution amount

$6,000

$22,500*

Additional annual employer contribution limit

Not offered

Yes, up to an additional $43,500**

Flat fees that don’t increase with your account balance

No, asset-based fees

Yes, flat fees

$15,000 credit to offset setup costs²

No

Yes

Flexible auto-enrollment and vesting schedules

No

Yes

Investment guidance based on individual risk tolerance

No

Yes

Employee enrollment meetings and education

No

Yes

Auto-enrollment and escalation

Required at mandated levels

Optional and flexible

Customizable investment lineups

No

Yes

^{1. This limit is subject to cost-of-living increases for later years (for prior years, refer to this cost-of–living adjustment table.)}^{2. Available to eligible employers who have less than 100 employees who received at least $5,000 in compensation in the previous year, had at least one participant who was a non-highly compensated employee, and in the last 3-years did not contribute to a benefit plan for your employees through a plan sponsored by you or a member of a controlled group that includes you.}

Small Business Retirement with Ubiquity Retirement + Savings

So why not opt for the smarter option? If you’re looking for the maximum savings potential and tax benefit, Ubiquity provides flat-fee and low-cost retirement plans, all delivered online to you and your employee. That means no hidden fees or AUM charges in the fine print. Since 1999, we have been singular in our focus on the un-served small businesses. We have helped hundreds of thousands of employees save towards their future.

401(k) plans offer a great tax saving benefit. But it can feel daunting and oftentimes small businesses don’t have the time or the budget.

That’s why Ubiquity created this Definitive Guide to Small Business 401(k), including everything you need to know about saving money for your business, your future, and without confusing language or too much financial jargon.

With this small business 401(k) guide, you’ll learn everything you need to know about how to:

Maximize your contributions
Provide a valuable benefit to your workforce and retain talent
Deduct your contributions as a business expense

Download the guide now

Choose a better path to savings

Want to know more about Illinois’ state-mandated retirement plan versus Ubiquity? We’ve got experts that have your back. Call us today at 855.912.6904 or email us at sales@myubiquity.com

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