The Benefits of Ubiquity 401(k) Plan
Ubiquity’s 401(k) plan offers numerous advantages, making it an attractive option for small business owners and startups in the earlier stages of their business development.
Low Fees and Transparent Pricing Structure
One of the most significant benefits of the Ubiquity 401(k) plan is their flat fee structure. With a transparent pricing structure, Ubiquity ensures that small business owners can save on costs relative to other 401(k) plan providers.
For example, last year, a small business 401(k) plan with Ubiquity cost 50% less than the average industry 401(k) plan. Again, Ubiquity offers a flat fee structure that can help early stage companies save on plan costs — especially when compared to legacy 401(k) providers who may charge a percentage fee.
Easy Setup and Management
Ubiquity makes 401(k) enrollment and account management effortless for both employers and employees. The user-friendly online platform and mobile app provide notifications and easy access to account information, streamlining the entire process for savers.
Diverse Investment Options
The Ubiquity 401(k) plan offers various fund choices, including various asset classes and risk profiles. Plan participants can create customizable portfolios that cater to their individual investment preferences, risk tolerances, and goals to help them meet their financial targets.
According to its website, Ubiquity offers access to over 30,000 mutual funds, ETFs and ERISA 3(38) plans. This is far greater than the number of investment options you’d find at most run-of-the-mill 401(k) plan providers.
Exceptional Customer Support
Ubiquity’s responsive and knowledgeable customer support team is always available to assist with retirement planning and to provide valuable guidance. For certain plans, Ubiquity also offers financial advisor support teams.
How Does the Ubiquity 401(k) Plan Work?
Setting up a Ubiquity 401(k) account is straightforward. First, you must provide the required documentation and disclosures, such as your IRS employer identification number or Social Security number.
Next, you’ll choose your funding method, which may include employee and employer contributions, rollovers, and transfers from other retirement accounts. Be sure to follow each funding method’s relevant rules, limitations, and deadlines.
Once your account is funded, you can select your investments based on your risk profile, asset allocation, and fund performance. Ubiquity offers a diverse range of investment options to suit various preferences.
To manage and monitor your account, log onto the Ubiquity online platform or mobile app where you can update your personal information and change your investment selections. If you ever need to find your old 401(k), you can track it down with your Social Security Number.
What Fees Does Ubiquity Charge?
Ubiquity is known for its low-cost, transparent fee structure. They claim to avoid hidden fees and don’t take a percentage of your assets. Some of the fees you may encounter with a Ubiquity 401(k) plan include setup fees, administration fees, investment fees, and other applicable charges.
Here are the standard fees you may see with each account type:
- Solo 401(k): $18 per month, with a one-time $285 setup fee.
- Saver(k) 401(k):$75 per month, with set plan features.
- Custom(k) 401(k): $165 per month with options to customize your plan, including your vesting schedule.
- Reserve(k) 401(k): This pricing varies, so you’ll have to contact Ubiquity for a quote — the Reserve(k) is intended for larger plans.
As always, it’s best to check with the plan provider directly to see if they’ve made any updates to their fee schedule or plan offerings.
Comparing Ubiquity 401(k) to Other Providers
When evaluating different 401(k) plan providers, it’s essential to consider factors such as fees, investment options, user experience, and customer support.
Fee Comparison
Ubiquity’s fees are highly competitive compared to other providers. With lower-than-average fees, Ubiquity allows plan participants to save more for retirement, significantly impacting long-term savings. Many other providers charge a percentage, adding up to a higher fee structure over time.
Investment Options
The Ubiquity 401(k) plan offers a diverse range of funds, including various asset classes and risk profiles. This sets it apart from other providers, ensuring that plan participants have a more comprehensive array of investment choices to suit their preferences and goals.
User Experience
Ubiquity’s user-friendly platform and mobile app provide a seamless experience for both employers and employees. The intuitive navigation, features, and ease of use compare favorably to other providers.
World-Class Customer Support
The responsiveness and expertise of Ubiquity’s customer support team are unmatched in the industry. With shorter response times, multiple channels of communication, and high-quality assistance, Ubiquity stands out as a top choice for customer service. It’s easy to reach out to their team at myubiquity.com or on any of their social media pages.
Do I Need to Offer My Employees a 401(k)?
While not all businesses are legally required to offer a 401(k) plan, doing so can benefit employers and employees. Factors such as company size, industry, and the number of full-time employees can impact a business’s choice in offering a 401(k) plan.
Providing a 401(k) plan can increase job satisfaction, improve employee retention, and provide tax credits for employers. Furthermore, it can give your company a competitive edge in attracting and retaining top talent. When considering whether to offer a 401(k) plan, employers should weigh the costs, administrative responsibilities, and the potential impact on hiring.
If a 401(k) plan isn’t the right fit for your company, consider alternative retirement plan options such as SEP-IRAs, SIMPLE IRAs, or profit-sharing plans.
Need Help Rolling Over Your Old 401(k)?
The Ubiquity 401(k) plan offers low fees, diverse investment options, and exceptional customer support, making it a top choice for both employers and employees seeking a solid retirement savings option.
Managing your retirement savings can be overwhelming. For peace of mind, consider working with Capitalize when you’re tracking down your old retirement accounts.
We’ll manage the rollover process for you and try our best to make the experience seamless.
Learn more about how we can help you on your retirement journey today.
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