SAN FRANCISCO--(BUSINESS WIRE)--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.
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."
The Paradigm platform is available on a BPO basis. For more information on partnership opportunities, please contact John Farmakis at jfarmakis@myubiquity.com.
About Paradigm RKS(™)
Launched in 2016 by the small business retirement experts at Ubiquity Retirement + Savings®, Paradigm RKS(™) is a future-ready recordkeeping solution for financial institutions looking to service the micro-plan market. Paradigm is utilized by leading financial institutions across the country on a business process outsourcing (BPO) basis. Since the launch of Paradigm, the system has processed over $1.7+ billion in retirement plan contributions.
About Ubiquity Retirement + Savings®
Ubiquity Retirement + Savings® is a leading financial technology company that sits at the crossroads of HCM, SaaS and robo-recordkeeping. Our mission is simple: Provide the 50+ million Americans working for small businesses with an easy, low-cost option to save for retirement at work. The firm was a pioneer in transparent, flat-fee retirement plans, and for over 20 years, has helped more than 9,000+ businesses contribute over $2.25 billion toward retirement savings. To learn more, visit: www.myubiquity.com
