Giving financial professionals the power to simplify
Set up 401(k) plans for small businesses without investing a lot of time and resources.
Set up 401(k) plans for small businesses without investing a lot of time and resources.
Finally, a simple way to reach more of the small business market.
Even if a business is small, it can still take a lot of time and effort to set up a retirement plan from the ground up. And with all the demands you already manage, growing your small business client base may be challenging. We can help change that.
Simply Retirement by Principal® makes it easy to create and quote plans online—so you can spend less time managing paperwork and more time providing the guidance your clients need. It’s a simple solution for new 401(k) plans for businesses with fewer than 100 employees.
What Simply Retirement by Principal® can do for you.
Many small business owners don’t feel comfortable navigating retirement plans on their own. They have questions, they need guidance, and many don’t know where to start. That’s where your expertise is essential. This simple 401(k) plan is designed to take less of your time to set up, so you can focus on having the conversations that make a difference for your clients. Just plug in your compensation and a few selections to create a proposal, and have your client complete the purchase. Then leave helping with tasks like plan compliance testing and reporting to us. Or, if you’re working with a third party administrator (TPA), Simply Retirement by Principal® supports that, too.
Simply Retirement by Principal® allows you to engage your clients the way that works for you, at any time and on any device. Create, customize, and send a proposal to your client, or walk through the process with them step by step.
Expand your opportunities
This streamlined product offering allows you to connect with more small business clients and build relationships you may not have had before.
Create proposals faster
Here’s a simplified 401(k) plan design and onboarding process with an online experience that saves you time and gives you a competitive advantage.
Help your clients save more
A Simply Retirement by Principal® 401(k) plan has a cost-efficient flat-fee recordkeeping pricing that doesn’t change as your clients’ plan assets change.
Get a jump-start on sales materials
From educating customers to presenting plan features, our resources can help you make the most of your time.
Simply Retirement by Principal® allows you to engage your clients the way that works for you, at any time and on any device. Create, customize, and send a proposal to your client, or walk through the process with them step by step.
Simply Retirement by Principal®costs
Upfront
$500
One-time setup fee for bundled plans
Your clients can save with flat-fee 401(k) plan pricing.
Other 401(k) plans may increase recordkeeping fees to business owners as the total account balances increase. Not with the Simply Retirement by Principal® 401(k) plan. No guessing and no changes as employees contribute. It’s a predictable model they can plan for.
Two experienced brands. One seamless solution.
Simply Retirement by Principal® is a collaboration between two companies that have helped thousands of small businesses navigate retirement plans successfully. It’s backed by more than 80 years of retirement expertise from *, along with the 25-year track record of Ubiquity Retirement + Savings®. Once your clients purchase a plan, they’ll manage it on the same convenient digital platform used by more than *.
Learn more about our collaboration.
Still have questions?
We have answers.
How will my financial professional fee be paid?
You have two options: bill your fee to your client separately or have it deducted each quarter from participant accounts. In terms of fees, you can charge a fixed fee, 25 basis points, 50 basis points, or 75 *
Additional fee payment detailsHow can my clients benefit from SECURE 2.0 Act tax credits?
The SECURE 2.0 Act offers a tax credit that can help offset up to 100% (up to $5,000 per tax year for the first three years for some employers) for a new 401(k) plan. There’s also a tax credit for automatic enrollment, which is a feature of the Simply Retirement by Principal® plan.
SECURE 2.0 Act tax credit specificsWhere do I fit and add value in the sales process?
Although business owners can design a plan, many won’t—because they need expert guidance before they’re comfortable making a purchase. From safe harbor to compliance testing, your value is in helping them understand the tough stuff.
Expand your tool kit with sales materialsHow does this 401(k) plan compare to traditional plans?
Simply Retirement by Principal® is 100% online, from plan design and purchase to onboarding and administration. It’s also designed specifically for businesses with fewer than 100 employees.
401(k) plan comparison*Recordkeeping-fee:Pricing shown applies when working with a TPA. Bundled pricing is a $500 initial setup fee, then $185 per month. Fees paid by the business owner are billed quarterly. Fees paid by participants are deducted monthly from participant accounts. Participant fees are charged if there is a $100 account balance, regardless of whether the participant is active or inactive. Custodial and investment fees are charged against participating employees’ accounts (those vary by investment and range from 0.03% - 0.95%, as of September 30, 2024). If the business owner chooses to work with a financial professional and/or TPA, their fees are also additional and may be billed to the business owner. Financial professional fees may be deducted from participant accounts.
*What’s included:The $145 per month recordkeeping fee applies when working with a TPA. Bundled pricing includes a $500 initial setup fee, then $185 per month. Plan costs are billed quarterly. Custodial and investment fees are charged against participating employees’ accounts (those vary by investment and range from 0.03% - 0.95%, as of September 30, 2024). Should the business owner choose to work with a financial professional and/or TPA, their fees are also additional.
*Principal: As of Dec. 31, 2023.
*16,000 Ubiquity small business customers: As of January 1, 2024.
*Basis points: If the quarterly calculated fixed fee is greater than 50 basis points, then 50 basis points will be charged to the plan. This is only for plans that have a plan balance of $5,000 or more at the end of the quarter. If the plan balance at the end of the quarter is less than $5,000, then no financial professional fee will be charged to the plan.
Small business growth platform
With a Simply Retirement by Principal® plan, your client has access to Elevate by Principal, a powerful network, resource, and team of people in their corner. From data-driven insights to deep discounts on products and services, that a business owner uses every day, Elevate by Principal can provide what your client needs to take their business to the next level.
Intended for financial professional and TPA use.
1845503-092021