Furthering their commitment to providing retirement savings solutions for all, Ubiquity Retirement + Savings® (Ubiquity), a financial technology pioneer in flat-fee small business retirement plans, today announces the addition of 3(16) administrative fiduciary services to its 401(k) product Reserve(k)®, with plans to incorporate into additional offerings in the near future.
3(16) services allow Ubiquity to take on heavily regulated fiduciary responsibilities and assume day-to-day plan management such as approving and denying distribution and loan requests, Form 5500 and 8955-SSA preparation and signature, plan disclosures and notices, and more. The addition of these services comes amid the growing legal and regulatory scrutiny surrounding retirement plans.
“As technology evolves, so does our ability to deliver cost-effective solutions to the highly underserved small business market,” said Chad Parks, Founder and CEO of Ubiquity. “We are committed to pioneering the space by delivering products and services that will fit clients’ unique needs, rather than limiting them to a one-size-fits-all solution. These services are augmenting our fully bundled solution when a client does not have a third-party administrator (TPA) relationship.”
Ubiquity continues to expand its robust suite of offerings, having added turnkey ESG fund options to its 401(k) plans in 2021, with a full lineup of products expected to launch in the coming months. Last year, Ubiquity was selected to serve as 3(16) plan fiduciary, recordkeeper and third-party administrator for Sallus Retirement’s Pooled Employer Plan (PEP).
As defined under the Employee Retirement Income Security Act of 1974 (ERISA), the plan sponsor is and will remain a named fiduciary and has the authority to delegate fiduciary responsibility to Ubiquity.
For more information, please visit myubiquity.com.
About Ubiquity Retirement + Savings®
Ubiquity Retirement + Savings® is a leading financial technology company that sits at the crossroads of HCM, SaaS and robo-recordkeeping. Our mission is simple: Provide the 60-plus million Americans working for small businesses with an easy, low-cost option to save for retirement at work. The firm was a pioneer in transparent, flat-fee retirement plans, and for over 20 years, has helped more than 10,000 businesses contribute over $3 billion toward retirement savings. To learn more, visit www.myubiquity.com.
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