BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts has earned top spots among the National Association of Plan Advisors (NAPA) Advisors’ Choice Awards for all market sizes as a Defined Contribution plan recordkeeper and service provider.

According to the NAPA announcement, “For the second year, we called on advisors to rate different service categories and five distinct market segments. Advisors are ‘in the trenches,’ dealing day in and day out with recordkeeper partners, and are therefore most qualified to evaluate the strengths and weaknesses of the companies that occupy this critical industry space. “

Advisors were asked to vote only on the services in their target markets—and to evaluate the services on a five-point scale, ranging from “world-class” to “functional” to “needs work.”

Advisors placed BPAS in the Top 5 Recordkeepers in a total of 18 categories across all 5 market segments, including:

• Plan Sponsor Website
• Regulatory Support
• Advisor Support
• Participant Statement
• Education Materials
• Multilingual capabilities
• Plan Health
• Wellness
• Retirement Income

BPAS also received top honors in the 2022 NAPA Advisor Choice Awards.

“We couldn’t be more excited by and grateful for these results,” said Paul Neveu, BPAS CEO. “At BPAS, we’ve been working for years on the blocking and tackling aspects of administering retirement plans – receiving more data from each client, scrubbing data extensively before it is traded, and taking significant work off the desk of Human Resources. We spend a lot of time on people, culture, and relationships to deliver an environment of stability.  That approach seems to be resonating today, as so many firms have been disrupted by turnover following acquisitions.  We will keep at it, with a high-touch, technology-enabled experience. These results are gratifying because they underscore our expertise in the mid and large end of the marketplace – things like company stock, unitization, and complex groups of DC and DB plans. We’re thrilled that Advisors and Trustees are catching on to the BPAS story, and we look forward to their ongoing feedback so we can optimize our services together.”

BPAS offers a range of services that simplify the complicated nature of retirement and benefit plans without the need to engage multiple providers. The service model of comprehensive administration, combined with full-fee transparency and conflict-free open architecture investments, provides the support, versatility, and experience advisors and clients can depend on. All BPAS clients have a dedicated fully credentialed plan consultant, regardless of plan size. In fact, BPAS clients save 45% more time with BPAS than with previous administrators using recordkeeping.

“Flexibility, depth of expertise, and consulting are things we really focus on at BPAS for all of our clients regardless of the size,” said Maryann Geary, President of Plan Administration & Recordkeeping. “We want our reputation to be one of experience, great people, and accountability. It’s reassuring to know that advisors see us as trustworthy partners they can build a business around. But, we won’t let it get to our heads; we’ll keep working every day.”

“The industry has seen quite a bit of turmoil recently, with big changes in service models among many providers,” added Elizabeth Kaido, Senior Vice President of Sales and Relationship Management. “Our model of top-notch expertise and reliable service wrapped in a flexible platform has really resonated with the advisor community.”

The BPAS team attributes their success to hard work, a strong work ethic, and empowering employees to collaborate and resolve issues amicably. “Our main focus is to cultivate a harmonious and supportive work environment with strong relationships based on expertise and minimal drama,” added Neveu. “We will continue working on one issue at a time, using a high-touch, technology-enabled approach. That’s how we roll at BPAS. It’s what defines us. It’s what makes us special.”

BPAS Actuarial and Pension Services (APS) is celebrating its 20th anniversary this month. APS is a division of BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. BPAS APS provides actuarial, consulting, and plan administration services to corporations, not-for-profit organizations, small-business owners, and professional services groups across the nation.

A spin-off of the former PriceWaterhouseCoopers (PwC) Global Human Resources Solutions division in Syracuse, BPAS APS today is named as one of the top 20 retirement plan actuarial practices in the U.S. The organization has 70 employees – including 30 actuaries – servicing hundreds of pension plans for businesses ranging from one to more than 20,000 employees.

It all started thanks to the quick thinking of two Upstate New York-based CEOs: Vince Spina and former BPAS CEO (retired) Barry Kublin. The two met fifteen years before PwC became APS when Spina was working with Community Bank (the parent company of BPAS).

“I was at Coopers and Lybrand, which became PwC,” said Spina, who remains president of BPAS APS to this day. “It was February of 2003, and we had a law change: The Sarbanes-Oxley Act. The essence of it meant that we at PwC were going to be precluded from serving as actuaries on clients where we were also their auditor. We were going to have to step away from a lot of work. Barry caught wind of that, called me on a Friday morning, and said, ‘Vince, I understand because of Sarbanes you might not be able to keep all your staff. And if that’s the case, we would have a home for some of them at BPAS.’” BPAS was based in nearby Utica.

“I said to Barry, ‘Well, why not take the whole Syracuse office?’ And he paused and said, ‘I’ll get back to you.’”

Kublin called back that Monday morning and started negotiating for BPAS to take ownership of the PwC Syracuse operations. The deal closed on August 1—less than six months later. “It was lightning fast, which is kind of unheard of,” added Spina.

“When I worked for Coopers & Lybrand in Boston in my first job out of college, I heard a lot about our firm’s Syracuse office – where Vince Spina and Sarah Dam were lead actuaries – and the impressive expertise they had. So it was truly a nice surprise to join forces with this same practice again, years later when I became part of BPAS,” recalled BPAS CEO Paul Neveu.

“Just to give you some perspective,” noted Spina. “At the time, BPAS had maybe $5 million in revenue, and we had maybe $4 million in our Syracuse office. So together, in the first full year of 2004, we did about $10 million in business, which was great.” This past year, the company did more than $115 million.

“What does that mean, beyond the impressive increase in dollars? It means that we’re growing,” said Spina. “For twenty years now, we’ve been making things happen and getting it done.”

Coincidentally, BPAS is celebrating its own 50^th anniversary this year.

The range of services provided by APS is impressive: the group covers more than 200 individual-employee businesses (and sometimes their spouses). BPAS APS now has clients in 33 states and Puerto Rico.

Oswego Health, located about 45 minutes north of the BPAS office in Syracuse, has been a client since 1998. “The BPAS APS team has been an integral partner in navigating the challenging regulatory reforms in retirement benefit plan offerings for our employees,” said Eric Campbell, CEO of Oswego Health. “I always trust their advice. This relationship has always allowed us to focus on the core healthcare needs of our community.”

While satisfied clients are a priority, it’s the company’s thriving culture of hard work and honest service, along with a long-serving employee base, that makes Spina smile.

BPAS APS  “is a relationship-driven organization,” noted Spina. “It’s not just about the numbers. We recognize that developing relationships over long periods of time transcends the work.”

“Our APS team is a major national practice — bringing actuarial consulting expertise seen at the high end of the marketplace to the full range of employers, while charging fees that are generally 25 – 30% lower than the largest firms,” said Neveu. “I love the intellectual nature of the team, including their curiosity and creativity for solving problems. Whether it’s a DB SERP, a cash balance/401(k) combination plan, a custom solution to discount rates, or expertise devoted to specific industry groups or types of plans, this team truly shines. We also like to involve some of our actuaries in other projects and needs across BPAS, because they bring such a unique perspective to the table.”

“We’re united in leveraging the APS team to solve complex problems for clients and partners, including creating solutions like our DB 360 program, developed by Jason Disco, Senior Vice President of Pension Sales & Consulting at APS. We celebrate their 20th anniversary, and we look forward to the adventures that lie ahead with our APS team as an integral part of BPAS,” Neveu said.

These sentiments are reflected in the words of just a few of the company’s long-term employees.

Sarah Dam, Senior VP, has been with the company for 20 years. “What’s great about this organization is that it’s large enough to get exposure to a variety of clients and opportunities, but small enough to work closely and develop relationships with colleagues,” said Dam. “Looking back, seeing how much we have grown, not just in numbers but in expertise, I’m proud to say that we have worked as partners with our clients, providing guidance and suggesting solutions as the employee benefit landscape and their own businesses have changed.”

Amy Kemp, VP, Consulting, joined the Syracuse office of PwC five years before the branch spun off into BPAS APS. “We’ve all been through so much change,” she stated. “When I first started in the New York office nearly 37 years ago, people didn’t have computers on their desks. Everything was done on paper. If you needed to put a spreadsheet together, you went to a computer room with about six computers in it, and printed the results on paper! Navigating so much change, along with the many updates in pension rules through the years, has been one of our biggest strengths. It makes all the difference to be a part of a group of intelligent and dedicated people who are always trying to do our best for our clients.”

It is that spirit and culture of excellence that Spina believes will carry the company forward throughout whatever changes come next.

“With the growth of A.I., the new hybrid culture of work-from-home opportunities, and more, the landscape for actuarial and pension services will continue to change at a rapid pace,” he added. “But I think our history shows well that those who have strong relationships will survive the inevitable ups and downs and ebbs and flows of business cycles.”

Hand Benefits & Trust (HB&T), a pioneering, third-generation retirement business based in Houston, is celebrating its 60^th anniversary.

HB&T, a BPAS company, was founded as American Industries Trust Company in 1963 by William W. Hand. Today,  HB&T is led by Stephen Hand, the company’s third-generation President and CEO, whose brothers, William David Hand and John Hand, have also worked at HB&T. But, the company has family roots as a retirement business that actually span nearly 85 years. Back in 1939, Hand’s grandfather, Thomas E. Hand, started Hand & Associates as a pension consulting firm. In 1963, the trust company was created and built on a focus that has sustained the business as it heads into its seventh decade of offering retirement plan trust services and innovative solutions through collective investment funds – a rapidly expanding niche in the retirement industry.   

“A collective investment fund is an investment product that looks and feels very much like a mutual fund,” explains Stephen Hand, the company’s third-generation President and CEO. “But, it’s regulated by a  banking regulator—in our case, the Texas Department of Banking – the IRS and the DOL.”

Unlike mutual funds, collective funds are not available to the general public. They’re only available to qualified retirement plans. “As a result, they don’t have a lot of the extraneous expenses that you see in a mutual fund,” added Hand. “That is one of many reasons these funds have drawn more attention in recent decades, and why they are poised to draw even more attention in the years ahead. It’s an exciting time to be in this business.”

In 2007, Hand Benefits & Trust became part of BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, with offices across the United States and Puerto Rico. Coincidentally, BPAS is celebrating its own 50^th anniversary this year.

According to the US Census Bureau, fewer than 12 percent of small businesses launched in the United States still exist ten years after they were founded. So what led to the longevity of HB&T?

“If there’s one thing that has kept both businesses (BPAS and HB&T) thriving for so many decades, it’s service,” said Paul Neveu, BPAS CEO.  “We care for our clients and we care for each other. It’s our culture that allows us to thrive.”

“Growing up, my father and grandfather taught us, ‘Promise what you can deliver, and deliver what you promise,’” Hand recalled. “Throughout our history, we’ve competed with much larger companies, and we had to ask ourselves, ‘What is our niche going to be, and how are we going to drive success?’ Collective investment funds became our niche, and service is, was, and will always be the key to success.”

According to Hand, the key is hiring good people. “Through the whole evolution of retirement plans, to the rise and fall of defined benefit plans or pensions, to when 401(K )plans changed from quarterly valuations to monthly valuations and then daily valuations, or when the Internet first came along and we had to adjust our technology needs, we had to have employees that were willing to adapt to change. And we found them.” Many of its employees have been with HB&T for more than 20 years which is unheard of in today’s workplace.

Today, HB&T operates as part of the institutional trust division of BPAS, along with Global Trust Company and Northeast Retirement Services (all of which reside within BPAS). This institutional trust practice supports the full suite of collective investment funds, common funds, and a full range of trust and administrative services, such as transfer agency, unitization, master trust administration, fund-of-funds administration, and more. We work with fund custodians, asset owners, financial intermediaries, consulting firms, and plan sponsors to deliver a range of solutions needed in today’s financial marketplace.

As HB&T looks ahead to the next 60 years, Stephen Hand says he expects to see a large influx of business from the 403(b) market. “In the near future, 403(b) participants, which include people who work in public education and a wide variety of non-profit entities, will have the ability to invest in collective investment funds. Access to these funds was not available to them in the past, and the change will definitely benefit participants in the long run. So we’re gearing up for that.”

“At BPAS, collectively, we come to work every day to help people retire,” Hand says. “We’re fortunate to be a small piece of that.”   

Utica, NY (May 23, 2023)— BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, is celebrating its 50th Anniversary this month— and is inviting clients, participants, and the community at large to celebrate all year long!

BPAS (which stands for Benefit Plans Administrative Services) is an all-American underdog story full of resilience, innovation, and staying power that has kept both clients and employees satisfied through five decades of social and economic change.

Jerry Mayer, now 84, started BPAS from his home in Utica when retirement plans were administered on paper. He grew the business in the 1980s, when he and his brother were forced to write their own software to handle the growing requirements of the job. And while he started so small that one of his first employees was his teenaged daughter, he believed from the beginning that he was building a company that would last.

“I’m an optimist,” Mayer said. “We built our firm with integrity, and with good people. The people we hired really mattered to us, and the clients we worked with did, too.” In 1996, BPAS was acquired by Community Bank System, Inc. Barry Kublin sourced the transaction with CBSI. Kublin then led the company through tremendous growth during his tenure as BPAS CEO until he retired and moved to an outside advisory capacity in 2021. “We never defined ourselves as qualified plan administrators,” he said. “Rather, we defined ourselves by our people, technology capabilities, and market opportunities.”

BPAS has transformed into an innovative one-stop-shop for all things benefits-related. Today, this “little company that could” supports more than 4,500 retirement plans with $110 billion in trust assets and $1.3 trillion in fund administration for companies big and small, including many national brands. As CEO and President of the BPAS parent company, Community Bank System, Inc. (CBSI), Mark Tryniski noted, “When I started with the bank in 2003, the revenues of BPAS were somewhere in the $13 million range, and today it’s a $125 million dollar business. So it’s been a tremendous story of growth and success. But it’s also a story that starts and ends with the fact that we care for our clients, and we care for each other. It’s our culture that has made this company thrive.”

Instead of focusing on outward appearances, BPAS focuses on doing the work of delivering the highest-quality products and services to its clients and participants. “It’s still very much about the people who make it happen,” said Paul Neveu, who became BPAS CEO in 2021. “We may not be the flashiest company around, but that’s the way we like it. Our offices aren’t located in some glimmering tower in Lower Manhattan or Boston’s Seaport District. They’re located in a set of green-roofed low-rises in an office park in Utica, New York, which – if you think about it — is really the ultimate flex!”

BPAS also maintains offices in Boston, Buffalo, Houston, Manhattan, Minneapolis, Parsippany, Philadelphia, Pittsburgh, Rochester, Sioux Falls, Spokane, Syracuse, and San Juan.

“It’s true that we’re not out there spending tens of millions of dollars on advertising,” added Neveu. “Yet, thousands of employers—from household name employers and financial intermediaries to small businesses–have come to rely on us. We are in this business for one reason: to be an outstanding administration, actuarial and trust services firm. We’re not here to raise assets in mutual funds or cross-pollinate other financial products. We are here because we believe we’re experts at what we do. Yes, we try to improve that value proposition every day, and when we make a mistake we own it. But we’re committed to this lane of the highway.”

BPAS is now a national force in the benefits-plan industry, with 410 employees serving more than 620,000 participants across the United States and Puerto Rico. BPAS’ in-house services include Workplace Retirement Plans, Actuarial & Pension, Health Benefit Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

“We do a lot of practical things that solve problems for fiduciaries,” said Neveu. “We levelized fees and operate with true open architecture on investments. We take significant work off the desk of human resources. We answer the phone and call you back quickly. So in many ways, we’ve got a compelling story at BPAS—one that sells itself without the need for big advertising and office towers.”

Whether it’s Actuarial and Pension Services for a Forbes 500 company in Boston or overseeing a 401(k) plan for a mom-and-pop hardware store in the Midwest, every client is treated with the utmost care and provided with the best experience possible.

Humble beginnings. Continuous improvement and the willingness to admit what isn’t working. A culture that values interpersonal relationships. These things aren’t flashy. But, they are what have made BPAS quietly grow for five decades to the organization it is today.

In the months ahead, BPAS will release a series of videos on its company website and social-media channels, featuring interviews with some of the company’s key team members: from BPAS founder Jerry Mayer; to the visionaries who saw what an asset BPAS could be to the future of Community Bank back in the mid-1990s; to the employees who are moving the company forward into its next 50 years by “Solving Tomorrow’s Benefits Challenges Today.”

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 4,500 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 620,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

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

Integrating PensionEase will give employers and their employees who have Defined Contribution and Defined Benefit plans a more seamless customer experience

Radnor, PA (February 13, 2023) — Lincoln Financial Group (NYSE: LNC) and BPAS today announced a strategic partnership to deliver an integrated defined benefit (DB) plan solution, PensionEase, to its defined contribution (DC) clients who also sponsor a DB plan. Through this partnership, BPAS will provide Lincoln Financial clients with full DB administration, including record-keeping, a customized web portal and participant-direct services, creating a more seamless customer experience for plan sponsors and their participants who have both DB and DC plans.

“Lincoln Financial is committed to providing our plan sponsors and participants with comprehensive solutions and services that meet their evolving needs, while delivering a superior customer experience,” said Matt Condos, senior vice president, Retirement Plan Services Product, Lincoln Financial Group. “This partnership builds on the flexible, easy-to-use solutions that both firms offer to administer retirement plans, as we work to help Americans along every step of their retirement journey.”

The partnership enhances the services available to Lincoln Financial clients who have both DC and DB plans, with additional actuarial, consulting, trust/custody and benefit payer solutions, while leveraging a single sign-on solution across plans. It will deliver fully integrated DC and DB services to more than 45,000 participants in plans currently served by Lincoln Financial.

“We are honored to be selected by Lincoln as the partner to offer our benefit administration solution, PensionEase, to their plan sponsors with Defined Benefit plans,” said Paul Neveu, BPAS CEO. “From our previous experience working with Lincoln on investment and stable value needs over the past five years, we have been very impressed by their expertise and are excited to continue partnering with them in the coming years to provide additional value to their clients.”

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and 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 $282 billion in end-of-period account values as of December 31, 2022. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2022 World’s Most Ethical Companies^®. We create opportunities for early career talent through our intern development program, which ranks among WayUp and Yello’s annual list of Top 100 Internship Programs. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. We make 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 4,500 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 620,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

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: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

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

Syracuse, NY (January 30, 2023) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, has promoted Jason Disco to Senior Vice President of Sales for its Actuarial & Pension Services (APS).

Since joining BPAS in 2015, Jason has secured key partnerships to help expand the BPAS Actuarial & Pension Services footprint across the nation. In addition to his strong leadership skills and strategic thinking, he brings a keen understanding of integrated Defined Benefit (DB) and Defined Contribution (DC) solutions.

“BPAS brings a unique ability to seamlessly combine DC and DB plans under one roof for plan sponsors,” said Disco. “The combined services offer great advantages to business owners of all sizes looking to reduce taxable liability and save for retirement. I’m excited to use my knowledge and experience with both of these products to expand BPAS services to plan sponsors and financial partners across the nation.”

Disco also said that whether it is a small tax-deferral-driven plan or a large corporate pension plan, BPAS has solutions for plan sponsors and participants of all sizes. “I’ll be working closely with our team of Regional Sales Directors and Relationship Managers to bring the full range of DB engagements to employers and financial intermediaries to ultimately help grow their retirement plan practices,” he added.

Among his many accomplishments at BPAS, Disco recently stewarded a relationship with key partners at Lincoln Financial Group that led to an exclusive BPAS partnership for their Defined Benefit Outsourcing (DBO) solution.

“Jason’s leadership has been a driving force in expanding the BPAS national brand across a competitive DB landscape,” said Vince Spina, President of BPAS Actuarial & Pension Services. “Partnering with Lincoln Financial is a perfect example of how Jason is a respected leader, not only within the BPAS walls, but in the industry as a whole.”

Disco was also instrumental in developing the BPAS DB360 product, which is a unique way to offer DB solutions to clients of all sizes. It also offered an opportunity to introduce the full range of products and services available through BPAS and its parent company, Community Bank System, Inc.

“Jason pointed out that the DB industry has a lot of fractional solutions,” said Paul Neveu, BPAS CEO. “One firm might be managing assets, another servicing as actuary, a third firm providing pension payments and custodial functions, and perhaps a web portal service. Jason’s idea was to provide an option where it could all be available under one roof, or where our partner would provide fiduciary and/or asset management services and BPAS would handle the remaining roles. In an age where employers are craving accountability and simplicity, this concept has really resonated. We hope to sell a lot more of it in the coming years.”

Disco will work out of the company’s office in Syracuse, NY and serve clients nationwide.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. We make 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 4,500 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 620,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

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: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

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

Utica, NY (July 19, 2022) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts has released version 2.0 of its Roadways Mile Marker financial planning tool for retirement plan participants.
The interactive Roadways Mile Marker 2.0, a key feature in the new BPAS Participant Portal introduced earlier this month, uses wizard technology with real-time updates and projections that go beyond retirement savings to present a bigger picture of each participant’s overall financial health.

“The new Roadways Mile Marker is unique, user friendly, engaging, and easy to see results with just a few inputs so participants have time to take action to shape their financial journey through various life and career stages,” said Elizabeth Kaido, SVP of BPAS Sales & Relationship Management.

“We knew we needed a tool that would paint a full picture of participants’ overall financial health,” said Paul Neveu, BPAS CEO. “In developing the new Roadways Mile Marker, we focused on one key question: How can we create a tool that paints a reasonably accurate picture of financial health in a manageable about of time for the participant? It needed to look at compensation, savings rates, retirement plan balances, outside assets, home equity, and total debt, so participants have time to take steps to shape the rest of their retirement journey.”

BPAS assembled a team of experts from its key service areas including its fully credentialed actuarial team. One actuary, Peter Faber, led the charge with the mission of developing a user-friendly tool that’s actuarially sound and unique to the industry. Faber found that most participant experiences using retirement planning platforms over the years fell into two camps: those focused on retirement projections, and those offering a holistic gap analysis including personal assets, liabilities and other inputs.

“Too often, models like this end up being an over-engineered mess that are more useful for programmers than participants,” said Faber. “This project was captivating because accessibility and accuracy were both paramount from the beginning. Retirement planning tools don’t mean much if they’re not accessible. I am truly proud we were able to develop a cross-generational tool for employees at any stage of their career and in any financial situation – one they can revisit often to shape their journey along the way.”

Kaido agrees. “While there are a lot of interesting concepts out there, we thought that most of the tools missed the mark. There are participants who want an easy calculation with only a few inputs. There are also those willing to invest in a deep dive to produce something more accurate and holistic. After brainstorming with our actuaries, we were able to create a tool to accomplish both goals.”

“Sure, there are financial planning tools a participant can buy for $50 or $100 that are quite powerful,” added Neveu. “They’re pretty complicated and can take hours to populate. We designed the Roadways Mile Marker to bring a valuable tool to the masses at no charge – giving BPAS participants a meaningful perspective with a 15-minute investment of time and the ability to update it regularly.”
“We’re very proud of what Peter, Liz, and the BPAS team built,” said Vince Spina, President of BPAS Actuarial & Pension Services. “The result is a manifestation of our BPAS cultural pillars: deep subject area expertise and a focus on meeting the real-life needs of participants. The Roadways Mile Marker, approved and tested by our team of more than 30 credentialed actuaries, will benefit hundreds of thousands of BPAS participants across numerous account types. Most importantly, it will help get them on the road to financial security.”

A final advantage of the new Roadways Mile Marker is that it allows Advisors and Corporate Trustees to meet with participants and use the tool on-demand as part of ongoing planning exercises. Both parties are able to control the inputs and assumptions to see how the participant is doing, identify gaps, and set a strategy to close them.

To learn more about the BPAS Mile Marker or to schedule a demo, contact your BPAS representative.

About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. We make 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 4,200 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 510,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

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: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

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