Why choose us?
It’s a simplified way to help your client’s employees save for the future.
Less than half (48%) of small businesses with less than 50 employees currently don’t provide a retirement plan, but it’s the most requested benefit from employees.* This provides ample opportunity for financial professionals to help address this top concern.
Meet Simply Retirement by Principal®
We’ve paired decades of experience in retirement solutions and investments from Principal with the simplicity and cost-effectiveness of the Ubiquity Retirement + Savings® online recordkeeping platform, breaking down barriers like cost and complexity so you can help more small businesses offer their employees a way to save for retirement.That’s a big opportunity, considering less than half (48%) of small businesses with less than 50 employees currently don’t provide a *
What Simply Retirement by Principal® offers you
Simply Retirement by Principal® was created specifically to simplify the process of setting up a retirement plan for small businesses with fewer than 100 employees. You can complete the plan design process for your clients right here online. There’s even a print-friendly proposal worksheet you can walk through with your clients to help them make informed selections.
Simply Retirement by Principal® advantages
Predictable, no-guess pricing
A 401(k) plan with Simply Retirement by Principal® has simple, transparent pricing.
There’s a monthly recordkeeping fee as low as $145 ($435 billed quarterly), and a $6 monthly fee per participating * for plans where a third party administrator (TPA) provides select administrative services and bills for those services separately. These are consistent costs your clients can plan for in their budgets.
Simply Retirement by Principal®costs
(TPA services not included)
(TPA services not included)
A true 100% digital process
Simply Retirement by Principal® lets you complete every step in the process online, when and where it’s convenient for you and your clients.
From plan design and e-signing documents to census and onboarding, it all takes place on the Simply Retirement by Principal® digital platform. And once the plan is active, you and your clients can manage their retirement plan online through simple-to-use dashboards. They’ll be able to add employees, manage contributions, change account settings, and more, and you'll be able to view plan data and handle administrative tasks.
Automatic enrollment
Employees will be automatically enrolled at a default pre-tax contribution percentage set by the business owner.
Automatic enrollment may qualify your client for a SECURE 2.0 Act tax credit of up to $500 per tax year for the first three years of their *. This is a selling point, as it can help offset some of your clients' costs. Automatic enrollment can also help them increase participation, simplify administration, reduce follow-up, and help employees save for retirement. And participants can change their contribution and investment selection or opt out of the plan at any time.
Investments with attractive performance
The Wilshire 3(38) investment option lineups offer attractive performance with a competitive return, helping make the most of employees’ contributions and any matching contributions your client provides as a business owner.
Wilshire Advisors LLC will be the planʼs 3(38) investment fiduciary. They’ll provide objective, independent third-party oversight for the screening, selection, and monitoring of the plan’s investment options. They’ll also make changes to the
Wilshire Advisors LLC is a diversified global financial services firm with more than 40 years of experience providing investment guidance to some of the largest plan sponsors in the U.S.
Payroll provider integration
Ubiquity Retirement + Savings® supports integrations with select payroll providers—helping business owners save time and reduce errors by automating contribution reporting.
Ubiquity supports direct integrations with dozens of payroll providers, including Paylocity and Namely. ADP, Paychex, QuickBooks®, and others are supported through add-on third party services. Ubiquity’s Payroll (K)oncierge service is available to help your clients get started.
Reduced risk
Your clients don’t have to be experts on regulations, because the administrative platform helps them determine what to do and when to do it.
Simply Retirement by Principal® takes the guesswork out of staying on top of plan compliance. Electronic participant statements, forms for tax filing and plan documents, participant disclosures, annual plan notifications, IRS plan compliance testing and monitoring, and eligibility notices are provided—meaning less work for your clients. Other plan features and options to help your clients with compliance include:
- Safe harbor matching options
- Pre-approved documents for plan participants
- Participant notifications
- Deadline reminders
See the 401(k) page for a full list of plan features.
Data accuracy and protection
To put it simply, your clients’ data is accurate and protected.
Ubiquity Retirement + Savings® knows how important security is to you and your clients. Ubiquity has completed the requirements for a Service Organization Control (SOC) 1, type 2 audit covering their proprietary Paradigm Recordkeeping System, which is the platform used by Simply Retirement by Principal®. The SOC 1 standard covers internal controls relevant to financial reporting at service organizations. Ubiquity’s continued investment in their SOC 1 program and reporting demonstrates their year-over-year commitment to ensuring complete and accurate financial accounting, as well as proper information technology general controls over their Paradigm Recordkeeping platform.
Ready to get started?
Small business retirement plans: How firms perceive benefits & costs, Center for Retirement Research at Boston College, March 26, 2024.
*Per participating employee: 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). Your TPA fees and the financial professional fees are also additional and may be billed to the business owner. (Financial professional fees may be deducted from participant accounts.)
*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: Plan costs are billed quarterly. Custodial and investment fees are charged against participating employees’ accounts (those vary by investment and range from 0.03% – 0.86%, as of September 30, 2024). Should you choose to work with a financial professional, their fee is also additional.
*Plan: This credit is for plans that include the eligible automatic contribution arrangement (EACA) feature only. In addition, SECURE 2.0 Act legislation allows small businesses with no more than 100 employees to claim a tax credit of 50% of the qualifying start-up costs for a new employee retirement plan for the first three years of the plan as follows but limited to the greater of (1) $500 or (2) the lesser of (a) $250 for each non-highly compensated employee who is eligible to participate in the plan or (b) $5,000. Information about the SECURE Act is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other financial professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
*Investment lineup as appropriate: As part of the Simply Retirement by Principal® solution, Wilshire Investments, Inc. is the fiduciary responsible for the selection and monitoring of the investments.
*Small business retirement plans: * Small business retirement plans: How firms perceive benefits & costs, Center for Retirement Research at Boston College, March 26, 2024.
2024 Principal SMB Sentiment Survey Sprint 1, Feb. 2024.
Intended for TPA and financial professional use.
