A new, full-service solo 401(k) plan with recordkeeping capabilities, 3(38) investment oversight and traditional retirement savings benefits has hit the market.
Ubiquity Retirement + Savings is launching Single(k) Plus, a full-service solo 401(k) plan with recordkeeping capabilities tailored to solopreneurs, freelancers and the self-employed.
With Ubiquity acting as the third-party administrator and recordkeeper, this streamlined individual 401k gives solopreneurs the ability to select investments, make contributions, and track assets within the plan. Unlike most other solo 401(k) plans in the market today, this new offering includes professional 3(38) investment oversight with Ubiquity’s CensiblyYours fund list and model portfolios.
Additionally, the new product offers full customer service support and loan provision capabilities along with the benefits of a traditional retirement savings vehicle. It also gives solo business owners the ability to deduct contributions, along with any plan costs, as a business expense.
The solo 401(k) plan will likely find a warm welcome amongst 20-somethings who are more likely to be self-employed than other generations. A Transamerica Center for Retirement Studies report found that flexibility is key for younger workers, as the changing nature of work and the pandemic put pressure on traditional approaches to retirement.
The announcement also comes on the heels of Ubiquity’s addition of turnkey environmental, social and governance fund options into their retirement plan’s investment portfolios.
“As the self-employed economy matures, this offering further professionalizes retirement savings benefits allowing workers in this category to enjoy similar benefits to traditional career paths,” said Chad Parks, Founder and CEO of Ubiquity. “This product offers solo business owners a one-stop shop for an enhanced 401k plan with easily accessible documents, calculation tools and more.”
Just in time for the Sept. 15 self-employed quarterly estimated tax deadline, Single(k) Plus also gives solo business owners the ability to deduct contributions, along with any plan costs, as a business expense.
“We strive to provide retirement savings options for all businesses at every stage in their lifecycle,” added Ashvin Prakash, Ubiquity’s Director of Product Development. “With Single(k) Plus, individual business owners can begin contributing to a retirement plan that can remain a solo 401(k) or be easily customized to grow with their business.”
Small business retirement plan pioneer Ubiquity specializes in transparent, flat-fee retirement plans, and for over 20 years has helped more than 9,000 businesses contribute over $2.5 billion toward retirement savings.
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Lynn Brackpool Giles is a contributing editor to 401(k) Specialist. Giles is a former Managing Director of Communications and Consumer Services for the Financial Planning Association (FPA), where she oversaw all corporate, legislative, and consumer communications. In her current journalistic practice, she is a frequent contributor to numerous financial services industry publications.
