Utica, NY — July 6, 2021 —BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts announced today its acquisition of Fringe Benefit Design of Minnesota, Inc. (FBD), a provider of retirement plan administration, actuarial, and benefit consulting services with offices in Minnesota and South Dakota.
BPAS, a subsidiary of Community Bank System, Inc., provides daily valuation, actuarial and employee benefit consulting, cafeteria plan and institutional trust services through its various subsidiaries on a national scale. It has offices in Utica and Syracuse, NY; Pittsburgh and Philadelphia, PA; Houston, TX; Boston, MA and Puerto Rico.
“We are very excited about joining forces with BPAS,” said Kevin Miller, FBD President/CEO. “We feel that combining our highly skilled administrative team, industry-leading technology, and operating efficiencies provided by BPAS, and the investment selection/monitoring provided by The E-Valuator software will make this an industry-leading package that will compete extremely well in the retirement plan industry.”
The acquisition will give BPAS a profile of revenues of approximately $110 million, administration of more than 510,000 retirement plan participant accounts, 4,200 employer clients, and some $110 billion of total assets in trust.
“This transaction represents a very attractive opportunity for us,” said Community Bank System President and Chief Executive Officer, Mark E. Tryniski. “Our employee benefits and trust business is the largest of our non-banking businesses, and plays a significant role in our overall growth strategy for our financial services businesses on a national level.”
According to Paul Neveu, BPAS CEO, “We have known FBD for years, and have worked with them in several capacities. They have an impressive team of experts, including numerous plan consultants and relationship managers. Through this transaction, we’ll provide FBD clients with the latest technology and features while they continue to work with professionals they know and trust on a local basis. This combination gives BPAS a significant Midwest office – allowing us to bring our unique mix of services to many new advisors and trust companies, while augmenting our services to existing clients and partners there. State-of-the-art technology with local service and a strong focus on relationships and accountability — that’s a win/win in today’s world.”
“This affiliation adds exceptional depth and breadth for the benefit of our current and prospective clients,” added Maryann Geary, President of BPAS. “With this acquisition, we significantly expand our retirement offerings on a national level, including the Association and Group Plan space. We are excited to combine with FBD and committed to growing our capabilities in the region and nationally.”
About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.
The BPAS family of services includes: Plan Administration & Recordkeeping | Actuarial & Pension | Healthcare Consulting | IRA | VEBA HRA | Health & Welfare Plans | Fiduciary | Collective Investment Funds | Fund Administration | Institutional Trust
Specialty practices include: Auto Enrollment Plans | Multiple Employer Trusts/Plans (MET/MEP) | Plans with Employer Securities | Puerto Rico Section 1081 Plans | VEBA HRA Plans | Cash Balance Plans | Collective Investment Trusts | Fund Administration
BPAS subsidiaries include: Hand Benefits & Trust, NRS Trust Product Administration, Global Trust Company, and BPAS Trust Company of Puerto Rico.
As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.
Community Bank System, Inc. (CBU) operates more than 230 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of over $13.9 billion, the DeWitt, N.Y. headquartered company is among the country’s 125 largest banking institutions. In addition to a full range of retail, business, and municipal banking services, the Company offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration and actuarial consulting services to customers on a national scale. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or https://ir.communitybanksystem.com.