Archives

BPAS Dedicates Lifetime Inspiration Recognition to Federated’s Eugene Maloney

BPAS announced today that it is honoring Eugene Maloney, Esquire. In recognition of Maloney’s accomplishments, BPAS is dedicating the conference and training room in its Pittsburgh office. The Eugene Maloney Training and Conference Center will feature a special plaque and tribute in Maloney’s honor.

As corporate counsel and Executive Vice President at Federated Investors since 1972, Maloney has been the leading authority on all matters of fiduciary prudence. He has been instrumental in helping partners and Trustees establish sound processes for managing assets and client relationships.

BPAS would like to thank Gene for the key role he played in working with our company in matters of trustee delegation and processes in a retirement plan setting,” said Paul Neveu, President of BPAS Plan Administration & Recordkeeping. Read the full news release here.

 

BPAS Names Ken Grant as EVP of Institutional Sales

Ken Grant, EVP

Utica, NY (January 14, 2019) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that Kenneth G.Y. (Ken) Grant has been named Executive Vice President of Institutional Sales.

Ken will be responsible for further developing the distribution of Collective Investment Funds for Hand Benefits & Trust (HB&T), a BPAS company. He will also join the HB&T Board of Directors.

“Reporting directly to me, and operating out of our Boston office, Ken will work closely with the HB&T team in Houston where his relationships in the industry will be of tremendous benefit in the channels where HB&T operates,” said Barry Kublin, BPAS CEO. “Ken will focus on the creation of new funds and the marketing of existing CIFs.”

Ken joined NRS/GTC, a BPAS company, in 2003, where he most recently held the position of Executive Vice President (EVP) of Corporate Development. He has also served the Advisors Charitable Gift Fund since 2005, most recently as EVP, and the Savings Banks Employees Retirement Association since 2003, most recently as EVP.

“The BPAS family of trust companies is unique in the industry,” noted Ken. “Our companies offer a full range of collective and common trust funds, and specialized fiduciary products. I’m eager to work with the HB&T team to share the firm’s outstanding lineup and superior ease of use with new clients. Delivering this level of excellence is exciting.”

Ken holds a BA from Syracuse University, a Masters of Theology from Boston University, and an MBA from Clark University.

Ken can be reached at: P: 781 970-5017 | 866 401-5272, ext. 3809 | E: [email protected]

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.” Visit bpas.com for more information.

1099 Tax Forms Available 1/31/19

If you’ve taken a distribution from your retirement account in 2018, you’ll need a 1099 to complete your tax filings.  Below is some additional information about your 1099.

  • BPAS will mail the 1099 to your address on record around January 31 annually.
  • Did you know you can also access your 1099 online by January 31?  Simply log into your account at www.bpas.com and then select the Resource Center option from the menu bar.  If you have any 1099s, they will be under a section titled Tax Forms.  Select the 1099 for the year you need (if you have 1099s for previous years, they will also appear there), and you can view, print, or download accordingly.
  • Be sure to carefully review the information is accurate and if not, contact BPAS customer service immediately.

Working Together to Address Inactive Accounts.

An important issue facing retirement plans today is the matter of inactive accounts — participants who have never logged on since BPAS initially provided them with an initial PIN. To help our clients mitigate risk to these accounts, BPAS has done two things. First, we’ve created a special report, found in the plan sponsor website Resource Center, that identifies participants with inactive accounts in the plan. Second, we’ve created a special targeted participant communication (also found in the Resource Center) that employers can provide to these individuals, asking them to log on to update important information. For additional details, please view the attached security update communication. If you have questions, please contact your Plan Consultant at BPAS.

Special Notice Regarding Year-end Capital Gain Distributions

As happens every year, mutual funds are now posting various types of capital gains for year end 2018 based on the change in value of various securities held during the year. When a capital gain is declared, participants may notice a fairly dramatic drop in the price of one or more funds, followed by the posting of additional shares several business days later (which makes up for the difference). Since BPAS receives many questions from participants each year when capital gain distributions are made, we have prepared this memo to explain the process and alleviate concerns among participants.

Read the full notice regarding year-end capital gain distributions here.

Decatur Capital Management, Inc. (“DCM”) to Partner with Hand Benefits & Trust on Collective Investment Funds

Houston, TX, November 29, 2018 — Hand Benefits & Trust (HB&T), a BPAS company, announced today that it has been selected by Decatur Capital Management, Inc. (DCM), to establish a new ESG focused US Equity collective investment fund (CIF) effective January 1, 2019. HB&T is a leading national provider of employee benefit trust services.  The new collective investment fund will be available to qualified retirement plans and will trade on most major record-keeping platforms.

Read the full news release here.

ABG Consultants to Partner with Hand Benefits & Trust on Collective Investment Funds

Houston, TX, November 12, 2018 — Hand Benefits & Trust (HB&T), a BPAS company, announced today that it has been selected by ABG Consultants, LLC to establish a series of risk‐based collective investment funds (CIFs) effective February 1, 2019. HB&T is a leading national provider of employee benefit trust services.  The HB&T CIFs will provide ABG Consultants with a new alternative to handling risk‐based models on a recordkeeping system.

Read the full news release here.

ACH Distribution Update

Over the past year, there have been many developments in information technology and security within the financial services industry. In light of new and emerging threats, retirement service providers have had to re-evaluate distribution methods for retirement plan assets to protect participant accounts. Please read more here for a summary of the BPAS position on electronic ACH Distributions.

BPAS Promotes David Ritchie to SVP

Utica, NY (September 12, 2018) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that David Ritchie has been promoted to Senior Vice President, Sales, for its VEBA and HRA/HSA Services.

With 20 years of industry experience, David is a national expert on VEBAs, Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs). In his new role, he will continue to grow the company’s VEBA and HRA/HSA Service lines in sales and product development and create new distribution channels across the nation.

“David has been instrumental to the growth of our VEBA, HRA, and HSA lines of business, including product development, staffing, and sales,” said Barry Kublin, BPAS CEO.  “His leadership has been a driving force in expanding the BPAS national brand across a competitive marketplace.”  Read more here.