As a plan sponsor or employer, you’re responsible for making sure compensation, contributions, and plan records are accurate. Keeping this data up to date ensures your plan stays compliant with IRS and Department of Labor (DOL) requirements, and that employees receive the correct statements and benefits.

Why This Matters

  • Compensation: Impacts annual compliance testing and must match each employee’s W-2 gross compensation.
  • Employee Deferrals: Should match the employee’s W-2 for the calendar year.
  • Employer Contributions: May have different vesting schedules (e.g., Safe Harbor, match, profit sharing) and must be entered correctly.
  • Statements: ERISA Section 105 requires participants to receive benefit statements at least quarterly.

If data in our system doesn’t align with your payroll records, you may need to submit corrections.

How to Run Key Reports

Contribution Analysis Report

Use this report to confirm that compensation, deferrals, and contributions in the system match your payroll records.

  1. From the Employer Dashboard, click Contribution Analysis under 401(k) Reports.

  2. Select your desired start and end dates.

  3. Click Run Report.

  4. Review that contributions for each source (employee and employer) are correctly reflected.

If you see discrepancies:

  • Update employee records by going to Employees > Manage Employees > Edit Employment Details.
  • Submit adjustments via the Yearly Worksheet if needed.
  • Contact Ubiquity if deferrals do not align with reported W-2 data.

Participant Statements

You can provide employees with copies of their 401(k) statements if they are unable to access MyUbiquity.

  1. From the Employer Dashboard, click Employees in the left navigation menu.

  2. Select Participant Statements.

  3. Choose Quarterly, Annual, or Year-to-Date (YTD).

  • Quarterly: Select the desired calendar quarter.
  • Annual: Displays the full calendar year.
  • YTD: Displays data from January 1 through today’s date.

Compliance Reminder: If employees don’t have guaranteed internet access, you must provide printed copies of statements at least quarterly.

Transaction Report

This report shows all activity for contributions, rollovers, distributions, earnings, fees, and dividends.

  1. From your main dashboard, under My 401(k) Reports, click Transaction Report.

  2. Select your desired date range.

  3. Click View Report.

Accessing Plan Documents

You can view and download your plan’s governing documents, including the Adoption Agreement and Summary Plan Description.

  1. Go to 401(k) Plan Settings.

  2. Click Documents + Forms.

  3. Select the document(s) you need to print, save, or download.

What Happens If Records Aren’t Accurate

  • Compliance testing may fail if compensation and contributions don’t match payroll and W-2 records.
  • Employees may receive incorrect statements, impacting their ability to monitor retirement savings.
  • Regulatory deadlines (IRS/DOL) could be missed, creating potential penalties.

Troubleshooting and Tips

  • Always reconcile payroll records against the Contribution Analysis Report each pay period or quarter.
  • Ensure contribution types are coded to the correct column (e.g., pre-tax, Roth, employer match).
  • If discrepancies remain unresolved, contact Ubiquity for assistance.

Need Help?

If you need assistance, please contact us.