News & Events

BPAS Announces Leadership Changes to its Actuarial and Pension Services

BPAS announced today that Vince Spina, President of its Actuarial & Pension Services (APS) division has decided to step down after more than 20 years. The company has named Jason Disco as his successor.

“I’m thrilled to pass the reins to Jason. His deep expertise in APS, combined with a comprehensive understanding of BPAS and our parent company, Community Financial System, Inc., makes him the ideal leader for this role,” said Spina. “With a company of more than 450 employees, strong leadership is critical. Jason not only possesses a rare command of our operations but also the interpersonal skills that drive success. His leadership will be invaluable as we continue to grow and innovate.”

Before joining BPAS in 2015, Disco held positions in sales and management and has more than 25 years of industry experience. He has held several progressive positions within BPAS over the past 10 years and has been instrumental in the growth and reach of its APS division.

Before taking the helm at BPAS Actuarial & Pension Services in 2003, Spina spent 15 years at PricewaterhouseCoopers LLP (PwC), where he served as a partner and Market Leader for the PwC Global Human Resource Solutions Syracuse Office. He has also been a lecturer for organizations such as the National Association of Accountants, the NYS Society of Certified Public Accountants, the Syracuse Business Journal, and NYEBC, among others.

“Vince’s technical and consulting expertise is invaluable, but what truly defines him as a leader are his extraordinary people skills,” said Disco. “He doesn’t just communicate—he commands a room, listens with intent, and navigates even the toughest client conversations with ease. More than a leader, he’s a trusted colleague, mentor, and friend to me and countless others at BPAS. His impact is immeasurable, and he’s set a standard of excellence that will inspire for years to come.”

“Vince is a pillar of BPAS who has helped us become the firm we are today,” said Paul Neveu, BPAS CEO. “He has played a foundational role in the company and helped cultivate many gifted people on his journey. His years of care with our employees and clients, his deep technical acumen, and his grace with people, communication, and relationships have all been enormous gifts. He has done a great job in preparing Disco to take the helm.”

Spina will embark on the next chapter of his distinguished career at BPAS as Vice Chair of APS.

“Paul has kindly invited me to continue with BPAS in a new role beyond April, focusing on client work across various areas and serving as an ambassador for public speaking and media engagements,” added Spina. “Over the past year, I’ve had the privilege of working as a pension actuary for 70 closely held businesses, providing

specialized services to clients, and contributing to numerous retirement plan committees. This new role is a natural evolution of that work, and I’m excited to continue supporting our clients and the BPAS mission.”

Spina said that he is looking forward to seeing the APS division flourish under Disco’s leadership. “It has been an honor and my life’s work to see Jason and the extraordinary team of professionals succeed and grow. I look forward to the adventures that lie ahead,” added Spina.

BPAS Achieves CEFEX Certification

BPAS announced today it has earned certification from the Centre for Fiduciary Excellence (CEFEX), a division of Broadridge Fi360 Solutions (Broadridge).

BPAS has earned the right to use the CEFEX Mark, which indicates the firm’s established practices are aligned with investors’ interests and worthy of trust and confidence,” said Carlos Panksep, CEFEX VP.

CEFEX certification is only granted to firms that demonstrate adherence to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers. The Standard includes best practices for governance, organization, human resources, operations, planning, systems, and disclosure, as defined by a cross-industry task force established in 2007. The certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel.

“Broadridge is pleased to add BPAS to an elite group of providers who have demonstrated adherence to professional practices that define a standard of excellence,” added Panksep, “CEFEX-certified firms adhere to a standard representing the best practices in their industry. The standards include specific criteria which have been substantiated by regulation or written in consultation with leading firms.”

BPAS, a subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU), provides the full spectrum of retirement plan services through 17 offices across the nation and Puerto Rico.

“We are incredibly proud to have achieved this certification,” said Maryann Geary, President of BPAS Plan Administration & Recordkeeping Services. “Earning the CEFEX mark affirms our team’s ongoing commitment to excellence, integrity, and continuous improvement. Excellence is an important part of our culture. We strive for it by continuously evolving every aspect of our business. This achievement reinforces our dedication to providing the highest quality services to our clients and partners in everything we do.”

BPAS is CEFEX certified for both Recordkeeping and Third-Party Administration Services. The certification is registered and can be viewed at www.fi360.com/cefex.

“At BPAS, we’ve always been focused on the quality and depth of our plan consulting and the operational integrity of our daily valuation program,” said Paul Neveu, BPAS CEO. “While we considered CEFEX certification in the past, we just never took the next step because of the range of audits already conducted on our firm. But, with so many industry changes, we decided to review the CEFEX program more in depth and decided it would be a terrific development from the standpoint of our clients and partners. The CEFEX Mark is known in the industry as the mark of excellence. We are honored to achieve the double CEFEX certification.”

CEFEX is more than an SSAE or financial audit. It’s an independent audit to a standard of practice used by the best administration and recordkeeping firms in areas such as operations, human resources, and workflow management.

“Our certification is consistent with the culture of integrity, ethical values, and service excellence we strive for at BPAS,” added Neveu. “We will continue to work on every area of our solution – from technology to compliance to operations and the user experience – to optimize the experience for the partners and clients that choose BPAS.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. Since 1973, we’ve made it our mission to simplify the complicated by delivering benefit-plan services that solve client challenges without the need to engage multiple providers. One company. One call. We support more than 6,100 plans, $110 billion in trust assets, $1.3 trillion in fund administration, and 910,000 participants.

The BPAS family of services includes Workplace Retirement Plans, Actuarial & Pension, Health Benefits Consulting, IRA, VEBA/115 Trusts, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, Institutional Trust, and Advisor Coaching.

As a solutions-oriented national practice, BPAS is committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

About Broadridge Fi360 Solutions

Broadridge Fi360 Solutions is a fiduciary education, training, and technology organization within Broadridge that helps financial intermediaries use prudent fiduciary practices to profitably gather, grow and protect investors’ assets. Since 1999, the organization has provided financial professionals with the tools necessary to act as a fiduciary in their work with investors. Broadridge Fi360 Solutions is the home of the Accredited Investment Fiduciary® (AIF®) designation, the Fiduciary Focus Toolkit™, the Fi360 Fiduciary Score® and CEFEX, Centre for Fiduciary Excellence®. Learn more at www.fi360.com.

BPAS Completes Transaction with WIA Consultants, Inc

BPAS announced today that it has acquired the third-party administration (TPA) services of WIA Consultants, Inc. (WIA) headquartered in East Meadow, NY.

Established in 1982, WIA Consultants administers retirement plans, profit sharing plans, defined benefit plans, and cash balance plans for clients across the nation. As retirement plans have become more complex, WIA clients have been asking for more consulting and enhanced services. Realizing they needed a new strategy, the WIA team opened discussions with BPAS last year about a potential collaboration involving their TPA book of business. The two firms reached an agreement with an April 1, 2025 effective date.

BPAS, a subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU), provides daily valuation, actuarial and employee benefit consulting, fund administration, health and welfare plans, IRAs, and institutional trust services through its various subsidiaries on a national scale. Headquartered in Central New York, BPAS covers the full spectrum of retirement plan services through 17 offices across the nation and Puerto Rico. BPAS currently services approximately 910,000 participants across the nation.

“Partnering with BPAS allows us to continue bringing our clients a high level of service and consulting expertise with added services, resources, and technology,” said Hollie Brostek, President of WIA Consultants. “We’ve always been client-focused, so it was important to find a partner with our shared values. We found that and more with BPAS. They bring extensive consulting expertise, a range of additional services, enhanced technology, and a deep understanding of the changing regulatory landscape. It brings our clients a powerful combination of expertise, administration, and technology.”

“We’re delighted to welcome the WIA team and clients to BPAS,” said Paul Neveu, BPAS CEO. “We started working with Hollie and her team extensively in early 2024 when Ron Stair’s Creative Plan Design practice joined BPAS. They have deep compliance expertise and a couple of specialty practice areas that are truly unique. Their work ethic and friendly culture impressed us immediately. After we reviewed everything, it felt like more BPAS people joining BPAS. Together, we are proud to support the full range of DC and DB retirement plans, with platinum bundled solutions and outstanding actuarial, TPA, and consulting solutions like the Creative Plan Design practice, which this practice will join. With the broad capabilities of BPAS firm across so many areas, it will be exciting to see what we’ll tackle together.”

The company transitioned its TPA employees to BPAS as part of the agreement. According to Jason Disco, President, BPAS Actuarial & Pension Services and Creative Plan Design, “We’re pleased to have the WIA Consultants team join BPAS. While they will continue to primarily serve WIA clients, they will be part of a much larger BPAS team– 465+ employees in total–with deep resources, backups, and expertise. We think it’s a great opportunity for them to grow professionally and explore new paths for a long, successful career here.”

BPAS Completes Transaction with What’s Next 4 Financial Advisors

BPAS announced today that it has acquired the What’s Next 4 Financial Advisors coaching practice. 

What’s Next offers professional coaching and consulting services to financial advisors looking to build more efficient, more profitable businesses. With more than 75 years of advisor consulting experience, the What’s Next team creates a customized, strategic roadmap to help advisors grow their businesses and get to the next level, while helping their clients achieve a strong alignment of business, personal, and life goals. 

“We help great advisors build great businesses,” said Tate Kerst, What’s Next Founder and Managing Partner. “With the marketplace getting more complex and more competitive, we found that our friends and clients were asking for more help and more services than ever before. It was clear that we needed to expand our resources.”  

Understanding that the changing landscape required a new strategy, What’s Next began discussions with BPAS about a potential collaboration. “We’d spent a lot of time with BPAS over the last year,” added Kerst. “They are tremendous people and provide an extremely broad range of services to their financial partners. We found a great strategic and cultural fit between our firms.” The companies reached agreement with a February 1, 2025 effective date. 

Founded in 1973, BPAS delivers a full range of services in partnership with advisors, trustees, and financial professionals across the nation. With a mission to simplify the complicated, BPAS delivers innovative solutions designed to give financial partners a competitive edge in today’s marketplace. BPAS services include: Workplace Retirement Plans, Actuarial & Pension, Health Benefits Consulting, IRAs, VEBA/115 Trusts, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, Institutional Trust, and now Coaching for Financial Advisors. 

  The entire What’s Next team will become BPAS employees operating under a new BPAS What’s Next division, a firewalled specialty coaching practice dedicated to coaching advisors, corporate trustees, and other partners. 

 The companies were introduced by a firm colleague, Nicole Hendrix of Nottingham Advisors (a BPAS sister company). She was developing a partner solution for What’s Next that featured the collaborative services of BPAS and Nottingham. According to Mike Cerminaro, Nottingham CEO, “We’ve seen first-hand how professional coaching can move the needle for wealth practices so we couldn’t be more pleased to add these services to our collaborative offering.”  

 “Partnering with the What’s Next team allows us to expand the services and resources available to our national network of advisors, trustees, and financial partners,” said Paul Neveu, BPAS CEO. “It’s always been a top priority at BPAS to help our partners grow their practices through the full range of technical, administrative and consulting services.  Adding expert coaching services with the What’s Next team allows us to take that mission a step further. Bringing business coaching is a very different angle – it’s more interpersonal and philosophical and will be a great way to help drive success for our financial partners.” 

 “The partnership also enhances the services and resources available to our clients, making us more strategic” said Kerst. “BPAS is a major, national player that works with thousands of firms from coast to coast on a range of technical, consulting, and administrative solutions. We look forward to new chapters together.” 

BPAS Completes Transaction with Northeast Benefit Services, Inc.

BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that it has acquired the third-party administration (TPA) services of Northeast Benefit Services, headquartered in West Seneca, NY.

Understanding that the changing retirement plan business landscape required a new strategy, Northeast Benefit Services began discussions with BPAS about a potential collaboration involving its TPA book of business. Northeast Benefit Services provides TPA services to employer-sponsored retirement plans throughout Western New York.  They reached agreement with a February 1, 2025 effective date.

BPAS, a subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU), provides daily valuation, actuarial and employee benefit consulting, fund administration, health and welfare plans, IRAs, and institutional trust services through its various subsidiaries on a national scale. Headquartered in Central New York, BPAS covers the full spectrum of retirement plan services through 16 offices across the nation and Puerto Rico.

“The partnership enhances the services and resources available to our clients,” said Larry Kavanaugh, Northeast Benefit Services CEO. “Our primary strategy was to find a partner with consulting expertise, flexibility, and a finger on the pulse of the ever-changing regulatory environment. We found that and more with BPAS. We also like that while BPAS is a national player in the retirement plan space, its headquarters in Central New York aligns with our value of offering local TPA services for employers. We’re excited to bring this level of expertise and services to our clients.”

The company transitioned its TPA employees to BPAS as part of the agreement. According to Jason Disco, Senior Vice President, BPAS Pension Sales & Consulting, “We pride ourselves on the expertise of our TPA Consulting staff and are thrilled to have the consultants from Northeast Benefit Services join us. Their primary role will be to continue servicing the Northeast Benefit Services clients. However, they will be part of a much larger BPAS team, 450 employees in total, with deep resources, backups, and expertise.”

“We’ve been in the retirement plan space for more than 50 years now,” said Paul Neveu, BPAS CEO. “It’s no secret that this business is getting more complex by the year. BPAS has deep expertise across the full range of Defined Contribution and Defined Benefit retirement plans, plus services like health savings accounts, so we can bring the full range of solutions to this book of clients. It’s our great honor to expand our business through this partnership and we look forward to new chapters together.”

BPAS Responds to Surge in Demand for ESOPs/kSOPs Amid Market Disruptions

BPAS, a national provider of retirement plans, benefit plans, fund administration, and institutional trust services, reports an increase in demand for services in the kSOP marketplace as more third party administrators exit the market.

An Employee Stock Ownership Plan (ESOP) is a qualified defined contribution plan that grants employees ownership in its company in the form of stock shares through a variety of approaches. These plans offer benefits to employers and employees, while unifying all stakeholders around the shared company mission. When employers merge an ESOP with a 401(k) plan, it forms a “kSOP.” These programs are some of the most complex defined contribution plans in the industry, but offer powerful benefits that can drive employee wealth with additional tax advantages for all parties.

In recent years, many kSOPs have been divided between two service providers: a third-party administrator (TPA) that handles plan design, testing, and administration work for the kSOP; and a daily recordkeeper that tracks the 401(k) side of the plan. The providers typically run each side of the plan on different systems. This bifurcated environment is not ideal in terms of the user experience and places significant operational and compliance work on the TPA. As a result, some firms are exiting the TPA-only kSOP space.

There have also been transactions reported in 401K Wire that reveal a trend where one provider of an ESOP/kSOP exits the business and sells its plans to another provider. This activity is causing many ESOP/kSOP plan sponsors to survey the marketplace for additional options.

“There is disruption among providers” said Susan Scherbel, CEO of Bellview Associates, a leading independent investment bank focused on the design and creation of ESOP and kSOP programs. “Employers want a way to convey a program that drives home the entire value of the company stock with a unified experience.”

According to Paul Neveu, BPAS CEO, “In the last few quarters, we’ve seen some pretty significant changes in the kSOP space. When there are two or more service providers working with a plan, the company stock value may be missing from the website and reports, or posted only on year-end statements. We have seen many scenarios where the full plan is not conveyed properly in terms of the daily experience, which causes confusion among participants about how it all works together.”

Scherbel said they advise using a KSOP as an effective way to handle distributions and diversifications. “They can be a real mess in mature ESOPs because of the assets involved. We need a path between the ESOP and the 401(k) so people can keep their benefits in the plan, just not always in the form of stock, and allow other participants to acquire additional stock through offsetting activities (buybacks) or share releases (from re-leveraged shares). Otherwise, you have cash that accumulates in the ESOP that can’t be used for these goals. Using a kSOP also brings flexibility in the options for terminated participants that you usually don’t have in a standalone ESOP.”

BPAS has a unique advantage since the firm is vertically integrated, with recordkeeping, TPA services, clearing and custodial services under one roof. The company administers the entire kSOP on one system that includes TPA and custodial services with a single point of contact covering the entire plan. This service model simplifies life for plan sponsors and participants and provides a holistic user experience. Company stock trading is a key consideration for many kSOP plan sponsors. “Before taking on an ESOP or kSOP, it’s vital to have an in-depth discussion about the company stock, including stock characteristics, plan design, and corporate goals,” said Maryann Geary, President of BPAS Plan Administration and Recordkeeping Services. “There are several share accounting options to consider — from treasury shares to lightly traded stocks to live market trading to unitization. We offer a variety of approaches, and at last count, we had eight or nine different solutions tailored to our clients.”

To learn more, visit bpas.com or email [email protected].

About Bellview Associates

Bellview Associates is a leading independent investment bank, providing high-impact strategic and financial advisory to ESOP-owned Corporations. Our team exercises years of Wall Street expertise to develop a custom ESOP transaction that fits your business. We preserve an organization’s legacy by positioning it for lasting success following an ownership restructuring. Our advisors bring a uniquely valuable perspective – backed by more than 40 years of corporate financial advisory and tax law — tailored to the needs of your specific ESOP transaction. As a 100% employee-owned organization, Bellview Associates sees the value of a thoughtfully-structured ESOP transaction firsthand. Bellview Associates has grown to be a leader among ESOP advisory firms, assisting organizations of all sizes nationwide. Every partnership is unique, as are the transactions we create. Our guiding purpose is to help maximize the value of your ESOP without compromising your organization’s legacy.

Visit bellviewassociates.com for more information.

Northeast Retirement Services, LLC (NRS) and Global Trust Company Expands Team

Northeast Retirement Services, LLC (NRS), a leading provider of retirement plan administration, trust accounting, and reporting services, is pleased to announce that Jim Nolan has joined the organization as Senior Vice President of Strategic Partners, and Hunter Craig has joined its Global Trust Company (GTC) subsidiary as Director of Research.

NRS, a BPAS subsidiary, provides a full range of institutional services, including Transfer Agency, Master Trust Plan Accounting, Fund Unitization, Fund-of-Fund Solutions, and Fiduciary Services. Its GTC subsidiary is a non-depository trust company providing fiduciary and trustee services for some of the largest and most complex institutional asset managers and Fortune 500 plan sponsors. The additions of Nolan and Craig reflect the NRS and GTC growth and ongoing commitment to delivering exceptional service, innovative solutions, and industry-leading expertise to clients and partners.

As Senior Vice President of Strategic Partners, Jim Nolan will focus on fostering and identifying opportunities to collaborate with new strategic partners. He will spearhead initiatives to expand the NRS market presence and service offerings.

Nolan brings over 16 years of experience from Citi, where he served as Head of Sales Origination and Client Solutions, Securities Services. At Citi, he demonstrated exceptional leadership as Chair of the State Leadership Council for New England and Site Head for Citi’s Boston Office. His extensive background includes business development, client solutions, and team leadership.

Nolan’s commitment to professional and community engagement is reflected in his ongoing involvement with First Literacy as Board Chair, the Expect Miracles Foundation as a Board of Directors Emeritus member, and industry organizations such as the Investment Company Institute (ICI) and the National Investment Company Service Association (NICSA).

“We are thrilled to welcome Jim Nolan to the NRS team,” said Vincent Manning, Executive Vice President and Chief Development Officer of NRS/GTC. “Jim’s deep industry expertise, exceptional leadership, and dedication to building strong partnerships make him an invaluable asset to our team. We look forward to his impact on our clients, partners, and growth initiatives.”

Craig will oversee investment strategy and research as the GTC Director of Research. With 16 years of experience at Regions Bank, Craig brings extensive investment management and research knowledge to his role.

In addition to his professional expertise, Craig is actively engaged in the community, serving as a board member and chair of the investment committee for the Mountain Brook City Schools Foundation.

“Hunter’s appointment strengthens our investment oversight capabilities and positions us to deliver even greater value to our clients,” said Scott Graham, Chief Investment Officer at NRS. “His deep understanding of investment strategy and research, combined with his leadership experience, will be important factors to our continued success.”

Nolan will be based out of the NRS headquarters in Woburn, MA. Craig will work from the GTC office in Birmingham, AL.

Freddie Jacobs, Jr., Named President and CEO of NRS Trust Product Administration

Freddie Jacobs, Jr., has been promoted to President and Chief Executive Officer of Northeast Retirement Services, LLC (NRS) and its subsidiary Global Trust Company (GTC).

NRS, a BPAS subsidiary, provides a full range of institutional services, including Transfer Agency, Master Trust Plan Accounting, Fund Unitization, Fund-of-Fund Solutions, and Fiduciary Services. Its GTC subsidiary is a non-depository trust company providing fiduciary and trustee services for some of the largest and most complex institutional asset managers and Fortune 500 plan sponsors.

In his new role, Jacobs will also serve as President of the Institutional Trust Services for BPAS overseeing the strategy and profitability for the BPAS Trust companies. BPAS is a wholly owned subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU).

Jacobs brings more than 30 years of experience in the investment industry. He has served in a number of key positions since joining NRS in 2013, most recently as the Chief Operating Officer and Chief Risk Officer. Prior to NRS, Jacobs created and led the 40 Act Compliance Reporting Services Team at JP Morgan. He also spent four years with State Street Bank as a Risk Manager for Investor Services where he was responsible for new product reviews, new business risk assessments, risk-control self-assessments, and other duties related to mitigating risks to the organization.

“Freddie brings a wealth of experience and knowledge to this role, having demonstrated exceptional leadership capabilities and a profound commitment to our mission,” said Dimitar Karaivanov, President and CEO at Community Financial System, Inc. “We are pleased to have him lead the amazing NRS and GTC teams while they continue to deliver top-notch service to customers and prospects.”

“I am deeply grateful for the trust and confidence Dimitar and Paul have placed in me to lead NRS into its next chapter,” Jacobs said. “I am fortunate to inherit a remarkable organization built by our former CEOs, Chris Hulse and Tom Forese, and supported by an exceptional team of dedicated professionals committed to delivering best-in-class service. I am truly excited and thankful for this opportunity.”

Jacobs holds a bachelor’s degree in accounting from Hampton University and is a Certified Public Accountant. He takes great pride in the communities where he lives and works and is on the Board of Directors for the Sportsmen’s Tennis & Enrichment Center, as well as Camp Harborview. He is also the Chair of the Board for Crispus Attucks Fund, Inc, and an Independent Trustee on the Board of Directors for Unified Series Trust.

“We couldn’t be more pleased to have Freddie lead our NRS and GTC companies,” added Paul Neveu, BPAS CEO. “With his proven leadership and fresh perspective, we are excited to embark on this next chapter of innovation and growth together. We have great things in store, and I’m excited to have Freddie’s knowledge, vision, and guidance lead the way.”

Chris Hulse is stepping down as Chief Executive Officer at NRS but will remain with the firm in his current role as GTC Chair.