Ubiquity Retirement + Savings has announced the addition of 3(16) administrative fiduciary services to its 401(k) product Reserve(k), with plans to incorporate these services into additional offerings in the near future.
According to a company press release, the new 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 and plan disclosures and notices.
“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, in the release. “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 relationship.”
Ubiquity continues to expand its suite of offerings, having added turnkey environmental, social and governance 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.
Ubiquity also previously announced its partnership with Paycor HCM, Inc., a leading provider of human capital management software.
Through the partnership, Paycor is able to refer small business owners and startups to Ubiquity to provide an array of flat-fee retirement benefit solutions. The implementation and coordination of the retirement savings benefit will happen in a streamlined, turnkey fashion, lessening the administrative burden of starting a plan.