Small business retirement plans made simple
Help your employees prepare for the future with a solution that fits your business.
Help your employees prepare for the future with a solution that fits your business.
Are your employees saving enough for retirement?
Making ends meet and saving for retirement at the same time can be a challenge for today’s employees. Many don’t have a plan or haven’t saved even a fraction of what they would need to retire comfortably. We aim to fix that.
As a business owner, you can help start your employees on a path to a better future. A Simply Retirement by Principal® 401(k) plan is an easy way for them to save money now with the potential to have it grow over the years so they can enjoy retirement.
What Simply Retirement by Principal® can do for you
Setting up a workplace retirement plan isn’t something you do every day. We get it. Maybe you aren’t even sure where to start. Simply Retirement by Principal® makes it easy to learn more about retirement plans and what’s involved. And when you’re ready, you can use our planner to see what a plan might look like for your business and estimate costs.
Take advantage of SECURE Act tax credits to help offset your first three years of plan *The benefits of the SECURE Act.
Simple selections
Set up your plan 100% online, where and when it’s convenient for you—or call if you have questions. We’ve streamlined the investment selection and simplified the paperwork, too.
Simple pricing
The low, flat-fee recordkeeping pricing makes a 401(k) plan affordable for small businesses. It’s a straightforward cost you can plan for each month.
Simple onboarding
After you purchase your plan, you’ll enroll your employees through the Ubiquity Retirement + Savings® platform—used by thousands of small businesses across the U.S.
Simple administration
Ubiquity’s user-friendly dashboard will help you manage your plan and save time with features like automated notifications and payroll integration.
Take advantage of SECURE Act tax credits to help offset your first three years of plan *The benefits of the SECURE Act.
Simply Retirement by Principal®costs
Upfront
$500
One-time setup fee
Recordkeeping fee will be billed to business owners quarterly ($405 plus per-participant fees). Pricing shown applies when working with a third party administrator (TPA). With bundled pricing, the recordkeeping fee is $175 per month ($525 billed quarterly) plus per-participant fees. Custodial fees, investment fees, and financial professional and TPA fees (if applicable) are additional.
Cost savings 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 your employees contribute. It’s a predictable model you can plan for.
Still have questions?
We have answers.
What are the tax benefits for starting a new 401(k) plan?
New SECURE Act legislation offers small business owners tax credits for a portion of the cost of starting a new retirement plan. Find out what this could mean for you.
Benefits of the SECURE ActWhat is a 401(k) plan, and how does it compare?
401(k) plans allow employees to set aside a portion of their pay, typically before taxes. Employers can make contributions to the employees’ retirement plan if they choose.
401(k) plan detailsWhat’s involved in managing a 401(k) plan?
The program automates many of the tasks required, but you’ll still have a few basic responsibilities as the plan administrator. Here’s what you need to know.
Retirement plan basicsIntended for plan sponsor use.
*Startup costs:50% of the qualified startup costs paid or incurred, 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. Qualified startup costs (1) In general “qualified startup costs” is ordinary and necessary expenses of an eligible employer which are paid or incurred in connection with -- (i) the establishment or administration of an eligible employer plan, or (ii) the retirement-related education of employees with respect to such plan. (2) Plan must have at least 1 participant: would not apply if plan does not have at least 1 employee eligible to participate who is not a highly compensated employee. 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.
*Recordkeeping-fee: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 at least 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% to 0.86%, as of December 31, 2022). If the business owner chooses to work with a financial professional and/or TPA, their fees are separate 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% to 0.86%, as of December 31, 2022). If the business owner chooses to work with a financial professional and/or TPA, their fees are separate and may be billed to the business owner. Financial professional fees may be deducted from participant accounts.
*Principal: As of December 31, 2022
