With more than 5 million retirement plan * , Principal® Principal® is a global investment management and retirement plan service leader that has worked with thousands of small business clients like yours.
We’ve also been named one of the World’s Most Ethical *. Our offerings are based on experience, not quick wins or fads. Because we know that integrity, honesty, and comprehensive expertise are the right way to go—and the surest path to helping your clients reach their long-term financial stability goals. Learn more at principal.com.
Ubiquity Retirement + Savings® is a leading fintech company that sits at the crossroads of human capital management (HCM), software as a service (SaaS) and Robo-recordkeeping.
With more than 20 years of digital 401(k) plan technology experience, Ubiquity is the perfect complement to the Principal® retirement savings *. Ubiquity’s cloud-based, proprietary recordkeeping platform backs the company’s retirement solutions. For more information, please visit myubiquity.com.
You may be wondering about each company’s role in this collaboration. Here’s the simple answer. Principal is the plan provider. We back the Simply Retirement by Principal® product and provide the investment options. Ubiquity provides the plan record keeping and administrative services once your client purchases their plan. Your clients and their participating employees will also use Ubiquity’s digital platform to manage their plan. Plus, you’ll have access to Ubiquity’s TPA dashboard to view client information, as well as a TPA portal to manage administrative tasks.
Delivering the best possible digital retirement solution experience has always been the vision for Simply Retirement by Principal®. That’s why Principal selected Ubiquity. Their proprietary recordkeeping system is a forward-thinking, future-ready solution and it’s a major leap forward for the industry. This system streamlines everything from plan design to onboarding and administration, helping you and your clients save time.
Your clients may notice the Ubiquity name on some of their plan correspondence and documents, and this just means that Principal and Ubiquity are working together to support them. Both companies are committed to helping you connect your clients with a retirement savings plan that works for them and their employees—so you can recommend a solution that’s backed by two established and recognizable brands.
As a TPA, you will use Ubiquity’s TPA portal to manage administrative tasks for your clients’ plans. In addition, you will be responsible for your typical administrative tasks and charge your TPA fee to the client separately. The pricing for Simply Retirement by Principal® when working with a TPA is adjusted to offset this fee. For small business owners who are not working with a TPA, these tasks are included with Ubiquity’s service offering, and are reflected in the bundled pricing.
Wilshire & Associates, Inc. will be the plan’s 3(38) investment fiduciary. They’ll provide independent third-party oversight for the screening, selection, and monitoring of the plan’s * Offering a set of preselected investments helps keep the process as streamlined and cost-effective as possible.
If you and/or your client are working with a financial professional, you’ll have an additional step as you create each client’s plan online. Once all other selections are made, you will share the plan with the financial professional so they can assist the client in choosing the investment lineup option for the plan. The financial professional will then share the plan back with you so you can send it directly to your client.
*Financial expertise: As of Dec. 31, 2019
*Participants: Ethisphere Institute, March 2017
*Companies: As of July 2019
*Product Offering: As part of the Simply Retirement by Principal® solution, Wilshire Investments, Inc. is the fiduciary responsible for the selection and monitoring of the investments.
*Investment Options: As part of the Simply Retirement by Principal® solution, Wilshire Investments, Inc. is the fiduciary responsible for the selection and monitoring of the investments.