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BPAS Hires Sales Director to Expand Defined Benefit Offerings

Syracuse, NY (September 26, 2022) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced that Robert Perri has joined its Actuarial & Pension Services (APS) as Regional Sales Director. Perri will focus on distribution of the company’s national Tax Deferral Defined Benefit Plan solutions.

“Rob brings extensive industry experience to BPAS,” said Jason Disco, Vice President of APS Sales. “His demonstrated expertise combined with our full suite of defined contribution and defined benefit plan offerings, an open architecture HSA, and collective investments for advisors, will certainly help us expand our presence in the small plan tax deferral space. We’re thrilled to welcome Rob to the BPAS team.”

Perri brings to BPAS nearly 30 years of experience in the retirement plan industry in both management and sales. An alumnus of Mansfield University, he is a national speaker at CPA conferences, physician conferences, and colleges. He is also a paddock judge and racing inspector for the New York State Gaming Commission.

“I’m excited to join BPAS,” added Perri. “BPAS brings a unique ability to combo Defined Contribution and Defined Benefit plans under one roof for plan sponsors. These combined services offer great advantages to small-business owners looking to reduce taxable liability and save for retirement.  I know business owners are looking for this kind of solution. I’m really looking forward to getting out there and sharing the BPAS story.”

Perri will work out of the company’s New York, NY office 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.

BPAS Launches Dynamic Financial Planning Tool for Participants

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.

BPAS Earns Top Spots in NAPA Advisor Choice Awards

Utica, NY (June 6, 2022) — 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 in nearly all categories in the under $10 million space.

According to the NAPA announcement, “The Advisors’ Choice awards are a means for committed retirement plan advisors to acknowledge best-in-class recordkeepers in a dozen different categories in the target market(s) they service.” The announcement also noted, “Advisors are, of course, extraordinarily well positioned to compare and evaluate the strengths (and weaknesses) of this critical service – as they see and experience first-hand the features, flexibility, and support that organizations provide across a wide variety of circumstances.”

Advisors placed BPAS in the Top 5 Recordkeepers in 12 out of 13 categories for both Small Plans ($1 million to $10 million in assets) and Micro Plans (less than $1 million in assets). The categories include:

  • Participant Tools
  • Plan Sponsor Website
  • Mobile App
  • Regulatory Support
  • Staff Credentials
  • Advisor Support
  • Participant Statement
  • Education Materials
  • Multilingual capabilities
  • Plan Health
  • Wellness
  • Retirement Income

“We work hard on the full range of issues every day at BPAS, so hearing this news is music to our ears,” said Paul Neveu, BPAS CEO. “Our mission is to deliver first-rate service, expertise, and accountability with reasonable fees. We engage in honest introspection at BPAS. We identify things we can do better, then get after them one at a time – seeking to constantly improve our value proposition. To be recognized this way―in what is essentially a national, blind-reference check―is extremely gratifying. We’re already getting calls from new Advisors and Trust companies since the results were published.” Visit napa-net.org/advisors-choice-small-plans and napa-net.org/advisors-choice-micro-plans for full details about this recognition.

While BPAS earned top honors in the micro and small markets, the firm handles the full range of plan sizes and types, from start-up to $500 million in assets, and from 1 to more than 15,000 participants (counting both Defined Contribution and Defined Benefit expertise).  “We use the same proven administrative model for all DC plans, so we get a lot of calls when a plan is large and complex and other recordkeepers have punted,” added Neveu. “Whether it’s company stock, unitization, frozen asset, a pooled plan alternative, or something unusual in type or design, we like a good challenge.”

“I think advisors are seeing BPAS as a complete solution that delivers on all fronts,” said Vince Spina, President of BPAS Actuarial & Pension Services. “We work with plan sponsors of 401(k), 403(b), and Defined Benefit plans and their financial advisors to customize solutions that are best for them. The rules that apply to the $1 billion Defined Benefit plan also allow a sole proprietor or small business-owner to supplement their 401(k) Plan with additional tax-deferred savings by establishing their own Defined Benefit plan. We work together inside BPAS to provide a seamless experience for sponsors and participants.”

BPAS offers a range of services that simplifies the complicated nature of retirement and benefit plans without the need to engage multiple providers. Its service model of comprehensive administration, combined with full fee transparency and conflict-free open architecture investments, provides the support, versatility, and experience clients can depend on. All BPAS clients have a dedicated fully credentialed plan consultant, regardless of plan size. Of particular note, BPAS clients report a 45% time saving with BPAS over previous administrators operating in a recordkeeping paradigm.

“Flexibility, depth of expertise, and consulting are things we really focus on at BPAS,” added Maryann Geary, President of BPAS Plan Administration & Recordkeeping. “We reflect on something every day: there is no law that requires anyone to work with BPAS. We want our reputation to be one of expertise, great people, and accountability. It’s reassuring to know that partners see us as trustworthy people they can build a business around. But, we won’t let it get to our heads; we’ll keep working every day.”

The BPAS team believes that none of this success has happened by accident. It’s the result of hard work, a strong work ethic among its employees, and a commitment to empowering employees to work out issues in a friendly, collaborative way. “That’s how we roll at BPAS,” added Neveu. “It’s what defines us. It’s what makes us special.”

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.

BPAS Launches Innovative Tool to Prevent Fraud

Utica, NY (October 19, 2021). BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, has launched BPAStify – an innovative, new fraud prevention tool that is part of the firm’s overall security efforts.

Under BPAStify, a participant requesting certain assistance through the Participant Service Center or other means may require additional scrutiny using a live video identity verification process via smart phone, tablet, or computer. When complete, the recording will be shared with the client’s HR team, who will verify that the caller is truly the employee in question and provide approval to BPAS.

“A few months ago, I was at the airport standing in the TSA Security line,” said Paul Neveu, BPAS CEO. “When I got to the front, the agent asked me to step aside because I’d been randomly selected for additional scrutiny. While waiting, something dawned on me: This situation is analogous to what we’re dealing with in DC plans, with thousands of people running through the airport each day. Like the TSA, recordkeepers have an obligation to invoke additional security measures to protect assets, whether driven by facts, random selection, or behavior. That’s when the idea for BPAStify hit me like a bolt of lightning. I brought the idea back for our people to figure out.”

In the wake of well-published data breaches in 2017 and 2018, retirement service providers across the U.S. have fought a range of new fraud threats within workplace retirement plans. Firms have implemented a bevy of new measures to galvanize their programs, including multi-factor authentication, added security questions, changes to electronic payment polices and other confidential or proprietary measures.

“We started experimenting with this concept a few months ago,” said Joe Buczek, Manager of the BPAS Participant Service Center. “In most call centers, the overwhelming majority of calls are innocuous. However, a small number of calls can raise attention either because of behavior, or facts that seem strange. When we decide to invoke BPAStify, we notify the caller that the account has been flagged for additional scrutiny. The caller’s reaction tells you something right away. When you’re dealing with the real participant, there is almost always an immediate willingness to cooperate; they appreciate the added vigilance to protect their account. In cases where there is a refusal to cooperate or some technological reason why the caller can’t participate, it’s a big red flag. We freeze the account and initiate additional security measures to protect the plan assets.”

A key element of BPAStify is not only authentication and review by the employer, but the fact that, in the event of a fraud attempt, the recording itself could be used by law enforcement to identify and prosecute fraudsters. Considering the dollars at stake, this is something BPAS makes clear on the recorded calls.

“We will continue to refine the BPAStify program and build additional technology around it,” added Linda Pritchard, SVP of BPAS Operations. “There is only one individual who has the right to access an account or attempt to withdraw assets – the actual participant. If we suspect an outside individual may be attempting to gain access to an account, including possible cases of family fraud or domestic fraud, or see situations that just don’t stack up, BPAStify will jump into the ring. We’re pleased to add this new tool to our arsenal of security measures. We have no higher imperative than to protect plan assets for our customers. BPAStify is a real game changer.”

“BPAS focuses on improving technology and developing programs to ensure that participants are knowledgeable about the importance of retirement savings,” added Chrissy DeCaria, Relationship Manager at BPAS, who plays a lead role in the firm’s security initiatives. “We understand how important it is to protect accounts, and we work to educate participants on their vital responsibilities in this process. BPAStify is one more piece of the puzzle. I think participants will appreciate this level of service; anyone who has experienced a fraud attempt will understand why it’s so important. We look forward to using this program when we get that feeling that something just doesn’t sound right. Peace of mind for all parties is a beautiful thing.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 4,200 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 510,000 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.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Fiduciary Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, and Institutional Trust.

BPAS specialty practices: 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: 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.

BPAS Names New President and Executive Vice President

Utica, NY (July 13, 2021 ). BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that Maryann Geary has been named President of its Plan Administration and Recordkeeping Services and David Ritchie has been named Executive Vice President of its Health & Welfare division.

Geary has led the company’s Plan Administration & Recordkeeping operations since 2008. Before joining BPAS, she was an owner of Alliance Benefit Group Mid-Atlantic, in Huntingdon Valley, Pennsylvania. She holds several designations in the retirement field from the American Society of Pension Professionals and Actuaries, including Certified Pension Consultant, Qualified Pension Administrator, Qualified 401(k) Administrator, Qualified Plan Financial Consultant, and Tax Exempt and Government Plans Consultant. She is also an Enrolled Retirement Plan Agent and is licensed to represent clients before the IRS.

“Maryann has played a vital role in the growth and development of BPAS, while setting the highest standards for the ERISA, technical, and plan design knowledge we possess as an organization,” said Paul Neveu, BPAS CEO. “She brings a keen understanding of technical requirements, combined with a practical approach to plan administration. Maryann has overseen various teams within BPAS, including our national team of Plan Consultants, the Plan Documents and Notices team, the Plan Conversion and Implementation team, TPA Services, and worked across the company on many collaborative projects. As President, Maryann will be able to work her magic in overseeing all operations and lead our administrative, trust, and operational functions of our Plan Administration & Recordkeeping Services.”

“It is a very exciting time to work in the retirement field due to recent legislation,” said Geary. “BPAS will continue to focus on providing unparalleled retirement administration and recordkeeping services with a focus on technology and outsourcing the HR functions for our Plan Sponsors to allow them to focus on growing their businesses.  I am thrilled to be able to lead the way with an amazing team of professionals at BPAS.”

Ritchie, who joined BPAS in 2013, is a national expert on VEBA HRA issues. With more than 20 years of industry experience, he is a leading authority on VEBAs, Consumer-Driven Plans, and COBRA Administration. In his new role, he will lead the company’s Health & Welfare service lines in operations, sales, staffing, service, and compliance.

Since joining BPAS, Ritchie has secured key partnerships to help expand the BPAS Health & Welfare business. The company’s VEBA offering is particularly popular with municipal/public-sector employers, schools and universities, and Taft-Hartley union groups.

“David has been instrumental to the growth of our VEBA and Health & Welfare lines of business,” said Paul Neveu, BPAS CEO. “In addition to his strong leadership skills and strategic thinking, he brings a keen understanding of GASB/OPEB mitigation solutions, union negotiation and bargaining, consumer-driven healthcare options, and COBRA administration. His leadership has been a driving force in expanding the BPAS national brand across a competitive marketplace and building our Health & Welfare practice. We offer one of the best solutions in the market. With Dave at the helm, we have the products, technology, staffing, and expertise to really lead the way.”

“With the continuous rising costs of both healthcare insurance and expenses, Health & Welfare plans are great tools for employers and employees looking to stretch their budgets and create a marketplace of informed consumers,” said Ritchie. We have a compelling story and can help employers enjoy significant additional tax advantages. I’m looking forward to expanding the BPAS brand and building our Health & Welfare business into a truly national brand.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 4,200 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 510,000 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.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Fiduciary Healthcare Consulting, IRA, VEBA/HRA, Health & Welfare Plans, Institutional Trust.

BPAS specialty practices: 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: BPAS Trust Company of Puerto Rico, Fringe Benefits Design, 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.

Benefit Plans Administrative Services Expands in Midwest

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.

MP and BPAS Partnership Brings Integrated Technology

Boston, MA (June 22, 2021) – BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, is partnering with MP, an HCM solutions company, to deliver integrated solutions for mutual plan-sponsor clients. The MP-BPAS partnership means 360-degree integration technology links and synchronized data between the plan sponsor, recordkeeper, administrator, and employees.

This new partnership will eliminate manual uploads, reduce data entry errors, and protect data integrity for employers choosing MP for comprehensive payroll services and BPAS for defined contribution (DC) plan administration. Data will be updated automatically between BPAS and MP whenever a change is made to one of the systems for full 360-degree automation to all parties.

“We are excited to support MP and BPAS clients in a new way,” said Jason Maxwell, CEO of MP. “We can now offer seamless, top-tier solutions for plan administration, as well as proactive and reliable HR and payroll services that will save our clients an enormous amount of time.”

Both MP and BPAS offer employers the option to customize and manage service providers across employee benefit, payroll, and accounting services. The two companies are now able to deliver an integration solution that optimizes the employee experience for its clients.

“BPAS is committed to executing and streamlining the plan sponsor experience,” said Paul Neveu, BPAS CEO. “We recognize that payroll providers and DC plan recordkeepers operate in a world of client choice. So, when we can create a partnership where two firms truly optimize the client experience and deliver refreshing new solutions to employers, we’re going to jump at it. It’s like we’re restoring the confident silence back into plan administration.”

MP serves clients across the nation with a high concentration in New England. MP and BPAS began working together through advisor partnerships in 2014. “We have earned our clients’ trust as they outsource their retirement plan needs to us,” added Neveu. “We’re proud of this partnership and are looking forward to a full rollout to clients. Plus, MP will now be a provider of choice for BPAS clients, serving their HR, payroll, and benefits administration needs.”

About MP

MP is a full-service HR and payroll services provider. Founded in 2004, it is headquartered in Beverly, Massachusetts. The company serves clients from all industries and across all 50 states, helping them streamline human capital management to achieve their larger business goals. MP combines best in class technology with proactive and reliable customer service to help clients optimize performance. For more information, visit mp-hr.com.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 4,000 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 500,000 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 | 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.

How the American National Bank of Texas Offers Large-Plan Service to All Plan Sizes With the BPAS Enhanced Service Model

As the head of the YOUR kPlan® Retirement Platform sponsored by American National Bank of Texas (ANBTX), Carol Dogans manages the demands of offering a competitive platform and helping participating employers meet their fiduciary responsibilities under ERISA—all while working to grow the bank’s business. In addition to providing Wealth Management Services, ANBTX Trust Division acts as Discretionary Trustee, Named Fiduciary, and 3(16) Plan Administrator, under the ANBTX YOUR kPlan® Retirement Platform.

For many years, Carol used a national recordkeeper with a separate TPA to service the bank’s plans. This model proved fine for smaller plans, but as the plans grew, the pricing and services did not meet the needs of their larger clients. As a result, Carol saw several large plan clients leave the program searching for a more robust solution, leading her to search for a provider that could help ANBTX meet all of its service needs.

“We were not able to grow our business but spent our time trying to maintain current clients,” Carol said. There was a general lack of flexibility and service gaps between the recordkeeper and TPA. Carol found the solution she needed with BPAS. Due to this most recent partnership, since 2019 until now (end of 1st quarter 2020), ANBTX YOUR kPlan® platform has experienced a 48% increase in asset growth (due in part to the partnership with BPAS, market, new plans, larger plans, plan design changes, and introducing the ANBTX IRASelect product powered by BPAS).

“I was amazed at what BPAS could deliver,” Carol said, “we had the tools needed to service all size plans and provide a bundled environment. And, this BPAS solution reduced our fiduciary workload due to the system automations taking away many of our manual processes in order to meet our fiduciary responsibilities for each plan.” Even existing YOUR kPlan® clients that have been with other service providers in the past have recognized positive changes, including the level of quality service with BPAS. “For the first time in years we have not received one negative comment (only positive) from our clients since our partnership with BPAS thus far—that in itself is amazing to me,” Carol added. Advisers who have plans on the platform have also experienced a noticeable difference. One adviser said he likes having a dedicated person to call and not an 800 number with prompts. His requests are always filled promptly. Recently, this adviser has transitioned most of his retirement plan clients to this platform due to the enhanced service model.

Additionally, BPAS was able to offer institutionally priced investment options, even for small plans. Carol loved the way BPAS collected a full census each pay period to track eligibility, vesting, and terminations in real time and to process distributions without the need for employer signature.

“These services reduced processing errors that normally are corrected at the end of the year and require my time to calculate lost earnings,” Carol commented. “BPAS also tracks late deposits and reminds the plan sponsor that the expected deposit has not arrived.”

MyPlanLoan and a financial wellness program offered large plan services to small plans with no additional cost to the employer. HSA recordkeeping is also available to be bundled with the 401(k) plan.

“I am now able to focus on bringing in new business to the bank, including larger plans that need the level of service BPAS can deliver,” said Carol. “Finally we have a partnership with a service provider that fills in the gaps—reducing our fiduciary workload which has eliminated many of our manual processes— and providing enhanced services with competitive pricing to our plans,” said Carol.

American Rescue Plan Act of 2021 Funding Relief for Single-Employer Pension Plans

Recently, we released a newsletter providing details on potential funding relief for single-employer defined benefit pension plans. That newsletter detailed some of the potential changes to the minimum funding rules that may be on the horizon. On Thursday, the President signed a modified version of the bill into law. Below is a summary of some of the pertinent changes.

Summary of Current Regulations

Under prior regulations, the interest rate relief provided under the Bipartisan Budget Act of 2015 was scheduled to begin phasing out in 2021. In particular, the 10% corridor around the 25-year average of rates that has been in effect for several years, was set to expand to a 15% corridor in 2021 with further expansion in 2022 – 2024 at an additional 5% per year until reaching 30%. The graphical representation below shows the changes in interest rates that were expected to occur over the next several years as the corridor expanded, assuming rates remained at or near current levels.

 

 

American Rescue Plan Act (ARPA 2021) – Changes

The ARPA 2021 legislation provides for several changes related to the interest rates used for minimum funding purposes. First, ARPA 2021 includes an interest-rate floor of 5% on the 25-year average of rates. This provision alone means that a Plan’s effective interest rate will not fall below 3.50%. In addition to the interest-rate floor, the legislation provides for a revised corridor schedule. It will reduce the corridor to 5% with the ability to adopt it retroactive to 2020. This 5% corridor would remain in effect until the plan year beginning in 2025 and then increase by 5% per year until fully phased in at a 30% corridor for the plan year beginning in 2030. The following is a representation of the expected effects on our sample plan.

 

 

As you can see, the interest rate relief will have a profound effect on the rates used to determine minimum funding requirements. Because the mandated interest rates affect minimum required contributions and benefit restrictions under IRC 436, implementation of the new rates will move plan funded percentages higher. The new law allows plan sponsors some flexibility regarding the timing of adoption for plan years beginning prior to January 1, 2022. It also allows the expanded interest rate relief to be adopted for either minimum funding purposes, benefit restriction purposes, or both depending on each sponsors particular circumstances.

The legislation also increases the time period over which any funding shortfalls may be paid. It expands the time period from 7 years under current law to 15 years. The combination of higher minimum funding interest rates and a longer amortization period over which to spread any underfunding comes as welcome relief to cash-strapped sponsors of single-employer defined benefit pension plans. In addition, the change in amortization periods is allowed, retroactively, to plan years beginning in 2019 for those plan sponsors who wish to elect it.

Have questions? Contact your BPAS representative for more information.

BPAS Creates Solutions Squad as a Resource to Plan Sponsors and Service Providers

Utica, NY (February 16, 2021). BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, has created a special solutions-focused consulting team as a resource to plan sponsors and the retirement plan industry on technical matters.

The BPAS Solutions Squad consists of expert professionals in Defined Contribution, Defined Benefit, and Health and Welfare plans, as well as TPA services.

“With the flurry of mergers and acquisitions in recent years, business models are changing,” said Paul Neveu, BPAS CEO. “While there’s considerable technical depth within the industry, some providers are narrowing the services their in-house compliance teams provide, causing gap situations that need to be solved at the client level. We saw how it was adding burdens to Plan Sponsors and knew we had the resources to help.”

While the core focus of BPAS remains on recurring engagements, the expertise of the Solutions Squad allows BPAS to dive in, review complex situations, and work with other parties as an additional business line. BPAS understands that a range of factors and simple miscommunication among parties can give rise to compliance problems for employers. “We understand the sensitivity of these situations, the need for confidentiality, and discretion,” added Neveu. “The key is to identify what went wrong, review possible remedies and take action — not just let the situation fester.”
Maryann Geary, Executive Vice President of BPAS, agreed, saying that BPAS has seen situations where an administrative or operational error occurred and the correction methodology was outside of the provider’s wheelhouse. “There are matters like coverage testing across controlled groups, complex year-end allocations or true ups, or where calculations were done wrong for several years as a result of problems with compensation or the benefits formula,” she said. “There are also jump-ball situations when a plan moves from Provider A to B, where an employer ends up in ‘no-man’s land’ as neither provider is willing to handle certain compliance work. The BPAS Solutions Squad can bring great value to these cases, either as a resource to the employer or to one of the providers.”

“There are also cases where an employer simply wants to fix a spot issue rather than move the entire relationship,” added Vince Spina, President of BPAS Actuarial & Pension Services. “It’s understandable, but with the biggest vendors, they see risk everywhere. They often say no to requests that move from administration into the consulting realm. Our actuarial and DC teams are willing to review situations to see where we can be of assistance. Consulting is what we do for a living. We’ll take a look, have some dialogue. Often, we find a better way to solve the problem.”

The BPAS Solutions Squad can also provide resources to help in working with legal counsel, accounting firms, and IRS and DOL regulators. Naturally, BPAS reserves the right to determine what situations make sense for the Solutions Squad, including timing, scope of engagement and potential fees.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 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.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA, Consumer-Driven Health Plans.

BPAS specialty practices: 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: 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.