A Ubiquity Small Business 401(k) enables:
(*Up to $5,000 per year, plus an additional $500 per year for automatic enrollment for the first 3 years)
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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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
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
$22,500¹
Additional annual employer contribution limit
Not offered
Yes, up to an additional $43,500¹
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.
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.
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:
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
© 2023 Ubiquity Retirement + Savings
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44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357
© 2023 Ubiquity Retirement + Savings
Privacy Policy
Do not sell my info
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357