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State-Run Pension System is a ‘Ticking Time Bomb’



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.


August 5, 2015 at 2:38 pm


Chad Parks, CEO + Founder of Ubiquity Retirement + Savings, spoke to Employee Benefit News, about State-run retirement, pensions.  America needs to redefine what retirement means — turning 65, collecting a pension and enjoying the golden years isn’t realistic anymore. Unfortunately, we’re stuck in the past, and the retirement system has yet to respond to the current situation, he says. “It’s a human behavior problem,” Parks says.

The public pension system is a ticking time bomb,” says Chad Parks.  As a business owner, Parks sees both sides of the issue. Defined benefit plans can be bad for business, he says, but Parks is an advocate for pensions due to the “unintended consequences” of defined contribution plans. A 401(k) was meant to augment a pension plan, not replace it, he says. Today, individuals must manage their own financial future, which is a mistake, Parks says.


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