Your 401(k) plan invoice is based on your plan’s billable headcount and is generated on the 1st of each month. Staying on top of employee records, billing contacts, and bank account information is essential to avoid billing errors and ensure compliance.

Who Is Included in the Billable Headcount?

Your plan’s billable headcount includes:

  • All active employees
  • Terminated employees who still have a balance in their 401(k) account

Not included: Terminated employees with a zero account balance.

To ensure accurate billing, always enter a termination date as soon as the employee’s final contribution has been processed.

Why You Must Add All Employees to the System

All employees must be entered into the system, even if you believe they won’t become eligible to participate. This is essential for compliance with SECURE Act 2.0, which requires that part-time employees who work 500 to 999 hours per year for two consecutive years be allowed to make employee deferrals into the plan.

Failing to enter employees can result in incorrect headcounts, compliance issues, and IRS penalties.

How to Add Employees to the System

To add employees manually:

  1. Log in your Employer Portal
  2. In the left navigation menu, go to Employees
  3. Select Add Employee > Manually Add
  4. Enter the following required information:
    • First and last name
    • Email address
    • Social Security Number
    • Date of Birth
    • Mailing Address
    • Termination date (if applicable)
  5. Select Next: Plan & Employment
  6. Enter the following required information:
    • Hire date
    • Recent hours and compensation
    • Payroll schedule
    • Role & relationships
  7. Click Save & Add Employee

How to Update Your Bank Information for Automatic Payment

You may need to update your bank details for billing and/or payroll contributions.

To update the account used for paying plan fees:

  1. Log in as Employer at MyUbiquity.com
  2. Go to Account Settings > Billing
  3. Find Payment Method and click Update
  4. Update your billing account information

To update your payroll contribution funding account:

  1. Go to Account Settings > Contributions > Funding Bank Account
  2. Add or Edit your banking information

How Invoicing and Payment Work

  • Invoices are issued on the 1st of each month
  • Each invoice will be marked as unsettled until payment is made
  • You can click Pay Now to pay immediately
  • If no action is taken, payment will be automatically processed on the 7th of the month

This 7-day window allows time to update your payment method or make financial adjustments before the charge is applied.

How to Update Your Billing Contact

To change who receives billing communications:

  1. Log in to your Employer Portal 
  2. Go to Account Settings > Billing
  3. Find Billing Contact and click Edit
  4. Edit the company contact information as needed

Using Forfeitures to Pay Plan Fees

If your plan has a forfeiture balance, it may be applied to offset administrative fees. To request this:

  • Have the Plan Administrator contact us
  • Forfeiture funds will be used until the balance is depleted

Learn more: How Do Forfeitures Work in My 401(k) Plan?

Have Billing Questions?

If you need assistance with invoices or payments, please contact us.