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.”