Archives

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.

Paul Neveu to Present at Trust Users Group Conference

On Wednesday, September 12, Paul Neveu, President of BPAS Plan Administration & Recordkeeping Services, will be a featured speaker at the FIS Trust Users Group annual conference in Tucson, Arizona.

Neveu will present “Trustees in the Retirement Plan Business – Considerations in 2018.” During this hour-long session, Neveu will discuss key considerations for trustees in the retirement plan business, including market positioning, value propositions, fiduciary status and roles, service delivery models, and growth. He will share insights and best practices BPAS has learned from partnering with 90 bank trustees across the U.S. to help grow their retirement plan business.  Read more here.

BPAS Announces New Ohio Valley Presence

BPAS announced In August, Ken Prell, Vice President and Chief Learning Officer of BPAS Actuarial & Pension Services (APS), relocated to Cincinnati, Ohio.  By establishing a BPAS presence in Cincinnati, Ken is well positioned to expand the BPAS brand in the Ohio Valley area. Working closely with all BPAS lines of service and with financial partners, Ken will target new opportunities to deliver premier consulting and administrative  services to clients in the region.

To read the full news release, please click here.