First private label, cloud-based recordkeeping system designed specifically for small businesses
Ubiquity Retirement + Savings® (Ubiquity), a pioneer in flat-fee small business retirement plans, has announced that its proprietary recordkeeping system Paradigm RKS(™) (Paradigm) is now available for business process outsourcing (BPO) services to institutional partners seeking to reach the historically underserved micro-plan market.
Read More: Bill.com Expands Executive Team Adding Tom Clayton as Chief Revenue Officer
Paradigm utilizes straight-through processing and cloud computing technology to automate key retirement plan management functions, such as automated trading, settlement and cash reconciliation, while delivering greater functionality and end-user experience. In addition to serving as Ubiquity’s in-house recordkeeping and plan administration system since March of 2016, Paradigm is trusted and used by leading financial institutions. Since the launch of Paradigm, the system has processed over $1.7+ billion in retirement plan contributions from small and micro plans.
“For years, legacy financial institutions have struggled to efficiently service small business retirement plans,” said Chad Parks, Founder and CEO of Ubiquity. “Between states rapidly issuing their own retirement regulations and an abundance of small businesses in need of greater savings options, the time is ripe for the industry to adopt a disruptive, future-ready solution that suits the unique needs of this market. We developed Paradigm with the express purpose of democratizing recordkeeping capabilities so the retirement industry can better serve companies of all sizes.”
Ubiquity has paved the way for retirement plan access by offering low-cost, flat-fee products geared toward the small business market since 1999.
Paradigm is led by industry veteran Ken Simons, who serves as General Manager of the platform. Ken has over 30 years of experience creating recordkeeping platforms for third-party administrators and served as the former lead executive of SunGard Relius where he introduced the first Windows-based platform to the independent recordkeeping market.
“I have seen many evolutions of retirement plan recordkeeping technology throughout my career and am confident we have designed a game-changing solution,” said Simons. “Paradigm will allow the retirement industry as a whole to fight the looming retirement crisis more effectively.”
