|Benefit Plans Administrators
Benefit Plans Administrators (BPA) was founded in 1973 based in Central New York. The first twenty three years of our operation were focused on providing balance-forward administration to pension and profit sharing plans. We entered the daily valuation business in 1996, the same year we were acquired by Community Bank System, Inc. (NYSE: CBU). This corporate structure opened up new possibilities for our firm. It provided a national trust charter and membership in the National Securities Clearing Corporation through sister company CBNA – two critical ingredients to offering a true bundled solution to our clients. It also allowed us to change our focus from direct selling plans within the Bank’s footprint area to taking our services nationally in partnership with financial intermediaries.
One of the things clients like most about BPAS is that we are responsible for the entire daily valuation engine – from recordkeeping, trading, technology, plan design and plan document activities, to compliance work, statements and reporting, custodial functions and tax reporting. Clients also appreciate our founding assumption. Namely, that clients are not asking us to merely “record keep” their plan; they want us to ensure their plan is administered properly. What certain clients may not cherish at the outset (but overwhelmingly thank us for later) is our mantra of forcing operational discipline in each plan relationship. We require more data with every payroll submission than most of our competitors, but this data allows us to provide a higher level outsource, avoid many errors and streamline numerous activities for the client moving forward. Successful, long-term relationships with our clients are the byproduct of this comprehensive approach.
Unlike many other firms who entered the recordkeeping business with a primary goal of gathering assets or promoting proprietary funds, BPAS approaches this market from a different vantage point. Providing administrative, actuarial and consulting services is our primary business. We succeed by hiring, training and acquiring top talent; staying at the forefront of technological, compliance and regulatory changes; and by assuming a higher level of responsibility for our clients’ plans. In a crowded marketplace, service, flexibility and expertise can allow a firm to stand out. These are hallmarks of our business and key reasons to select BPAS.
BPAS serves the full spectrum of defined contribution and defined benefit plans, as well as non-qualified plans. We offer true open architecture on investments and exclusively support no-load investment products (no variable annuities or insurance-based products). And we service plans through a team of highly skilled Plan Consultants, who undergo ongoing training and certifications so they can serve as a primary point of contact for clients.