BPAS completes transition with Lifetime Benefit Solutions

BPAS, a national provider of retirement plan administration, actuarial, consulting, and trust services, recently completed a book of business acquisition with Lifetime Benefit Solutions (LBS), headquartered in Syracuse, NY. This transaction resulted in a transition of approximately 90% of the TPA Service client relationships from LBS to BPAS.

LBS is a third-party administrator, brokerage, and consulting firm that facilitates insurance, self-funding employee benefits, and consulting needs of clients throughout the United States. Recognizing that recent changes taking place in the retirement plan business necessitated a change in strategy for TPA Service plans, LBS began discussions with BPAS about a potential collaboration involving LBS ’TPA book of business. An agreement was reached between the parties in November 2023 with a January 1, 2024 effective date.

Paul Neveu, Chief Executive Officer of BPAS, stated, “At BPAS, we’ve been focused on the retirement plan space for fifty years, and now have approximately 650,000 plan participants in our care. We’re always learning and listening, constantly trying to improve our value proposition. This business is getting more complex by the year. BPAS has deep expertise across the full range of DC and DB 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 also transitioned three employees from LBS to the BPAS team. Maryann Geary, President of BPAS Recordkeeping and Administration Services, said, “We pride ourselves on the expertise of our TPA Consulting staff and are thrilled to have the LBS consultants join us.”

Jason Disco, Senior Vice President of Pension Sales & Consulting added, “ BPAS covers the waterfront in the services we provide, and our primary strategy is to partner with advisors and trust companies in the delivery of retirement plan services. We want partners and clients to know that we’re firmly committed to TPA Service plans and this service model as part of the continuum of services we offer. By partnering with advisors and outside recordkeeping platforms, our TPA services product line gives clients flexibility and additional expertise within their retirement programs.”