BPAS and Lincoln Financial Launch Custom Stable Value Solution
Sep 30, 2019
Philadelphia, PA (September 30, 2019) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today the launch of a custom guaranteed stable value solution with Lincoln Financial Group. Lincoln Financial Group is a top provider of stable value solutions and offers strong risk management, financial strength and attractive contract provisions to defined contribution plan sponsors and participants. The newly-launched BPAS Stable Value option is an elite cash product for BPAS Fiduciary Services VEBA plans.
According to Greg Woods, Senior Vice President of BPAS Fiduciary Services, “We are thrilled to team up with Lincoln Financial Group on this custom product offering for our VEBA clients. Lincoln’s financial soundness as a stable value provider, along with their dedication to serving the needs of the retirement participants made them a solid choice as a partner. This product will allow risk-averse savers to earn an industry best cash-like return as they save for their retirement medical expenses.” “We are proud to partner with BPAS to provide our Stable Value option to their clients. Stable Value is a critical component of any retirement plan, and will become even more important as Baby Boomers approaching retirement increasingly look for capital preservation,” said Ralph Ferraro, Senior Vice President, Head of Product, Retirement Plan Services, Lincoln Financial Group.
“Adding the Lincoln Stable Value product to our VEBA line up demonstrates our firm’s commitment to being the premier VEBA solution within the country,” said David Ritchie, Senior Vice President of BPAS VEBA & HRA/HSA Services. “We strive to be pioneers in this space and understand the needs of our clients in helping ensure they are able to retire with dignity. With many participants being extra sensitive to investment risks for their retirement health savings, offering such a competitive return on the most conservative of funds is vital.”
A Voluntary Employees’ Beneficiary Association (VEBA) is a tax-exempt, irrevocable Trust under Section 501(c)(9) of the Internal Revenue Code. This type of trust is used as a vehicle for employers to fund certain types of benefits, including funded Health Reimbursement Accounts (HRA).
In addition to the Lincoln Stable Value, the BPAS solution is a fully integrated VEBA HRA complete with daily valuation record keeper, administrator, clearing firm, actuary, claims processing, and custodial services. One company. One call. The BPAS VEBA HRA one-stop shopping approach offers significant savings in time, money, and administration. Everything needed to setup and maintain a VEBA HRA can be done through BPAS. Since everything is coordinated through one company, one point of contact, there’s less overhead and fewer people involved in the process.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $260 billion in assets under management as of June 30, 2019. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, Lincoln was recognized by Forbes as one of the Best Large Employers, Best Employers for Diversity, and Best Employers for Women. Lincoln also earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index. Learn more at: www.LincolnFinancial.com.
About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $77 billion in trust assets, $1 trillion in fund administration, and more than 450,000 participants. 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, TPA, Actuarial & Pension, VEBA & HRA/HSA, Fiduciary, AutoRollovers & MyPlanLoan, Healthcare Consulting, Transfer Agency, Fund Administration, Custody, and Collective Investment Trusts.
Specialty practices include: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans, Collective Investment Trusts, and 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.”