Sponsor Bulletin Board
April 12, 2012
Update on fee disclosure initiatives (including 404(a)(5) samples)
The following is an update on fee disclosure initiatives as of this week. This update consists of:
April 4, 2012
BPAS announces integration with Adviceware for participant advice
In response to requests from plan sponsors and financial intermediaries, BPAS is pleased to announce our integration with Adviceware for participant-level advice. This press release provides full details. If you have any questions regarding Adviceware or would like to see a demo, please send an email to TrustSales@bpas.com. We will be in touch with you to discuss.
March 7, 2012
Integration with Mint.com is now available!
Have you had participants ask about integration between the BPAS participant website and their personal financial planning application? We are pleased to announce that this integration is now in place with Mint.com – a state-of-the-art, web based financial planning application that is quickly gaining popularity in today’s marketplace. For details and instructions on the integration, please see this client announcement.
March 7, 2012
Announcing a new payroll integration with CTR Systems
As a result of several recent clients who use CTR Systems for payroll services and BPAS for DC plan administration, BPAS is pleased to announce full integration with the CTR Systems payroll service. For full details, please click the following link to see the client announcement.
March 7, 2012
CensusPRO™ Enhancement scheduled for June, 2012 Release
BPAS is pleased to announce an upcoming enhancement to the CensusPRO™ (“CPRO”) web application that will provide plan sponsors with an additional function to report Employee information changes. Read the following announcement for more information.
February 10, 2012
Update on Fee Disclosure Initiatives
This memo provides an additional update on 408(b)(2) and 404(a)(5) fee disclosure initiatives after final regulations were issued by the DOL in early February, 2012.
January 25, 2012
New report being launched tonight in websitesBPAS is pleased to announce the Rate of Return Report -- a new report in our plan sponsor and financial intermediary websites.
The report will show the year-to-date personalized rate of return for each participant as of month end. This is a time-weighted calculation, using the modified Dietz method (the same methodology used on quarterly participant statements). On row 2, the report provides the average rate of return for the plan as a whole (including all participants). This report is delivered in Excel, and will be posted each month to websites by approximately the 15th business day.
The report includes the following data points:
Since plan sponsors and financial intermediaries are always concerned with the asset allocation decisions made by participants and how these decisions are contributing to wealth accumulation, this report will serve as a valuable monitoring tool.
As of 1/26/2012, the report has been posted for the time period of 1/1/2011 - 12/31/2011 to plan sponsor and advisor websites. The next update will take place around the 15th business day of February covering the time period of 1/1/2012 – 1/31/2012.
We hope that clients find the new report useful. If you have any questions, please contact your BPAS Representative.
January 10, 2012
Update on 408(b)(2) projectAs outlined in our update of 9/7/2011, BPAS remains actively at work on fee disclosure initiatives slated to become effective in 2012. We are working with Fiduciary Benchmarks, Inc. on the 408(b)(2) disclosure project. As of the time of this writing, final regulations still have not been issued on Regulation 408(b)(2) – leading many to wonder if a change in effective date may take place. Select the following link to view the current working draft of the 408(b)(2) disclosure format that is available; this will be further refined in the coming months. BPAS will also be issuing a Fee Summary Document for most plans later this quarter which will be posted to the plan sponsor website and updated on a periodic basis. This document will serve as a supplement to 408(b)(2) and a recap of the overall fee arrangement in place with each plan. Please continue to visit this bulletin board for additional updates on these and other important projects.
December 30, 2011
Year end capital gains - an important noteThe year end capital gain process is underway once again. Since participants often ask questions when they see share prices fluctuate associated with capital gain distributions, please see this memo for full details on the process.
October 21, 2011
Have you considered automatic enrollment or online enrollment?
Automatic enrollment and online enrollment can enhance a retirement plan in a variety of ways. Here is a communication piece we put together for plan sponsors on these topics. If you are interested in hearing more, please contact Danielle Baumann at BPAS ((651) 463-8522 or dbaumann@bpas.com).
September 22, 2011
What should we be checking in the “Action Items” tab?
Most clients know that the plan sponsor website contains a vast array of tools and reports… but there is sometimes confusion about the reports that each client should be monitoring to avoid missing something critical. A convenient checklist of the key items to be viewed in the Action Items tab each payroll period can be found by clicking the following link.
September 7, 2011
An update on 408(b)(2) and 404(a)(5) fee disclosure regulations
A communication from BPAS to our plan sponsor and financial intermediary clients, providing an update on fee disclosure initiatives taking effect in 2012. To view the memo, please click here.
August 4, 2011
Expanded fund research library
BPAS is pleased to unveil a significant upgrade to the fund research library within our participant, plan sponsor and financial intermediary websites. Please see this announcement for full details.
June 6, 2011
Effective today, BPAS is pleased to launch a new education library for plans that include employee pre-tax contributions (401(k), 403(b), 1165(e), 457, etc). This new library includes three multimedia presentations delivered through Brainshark ™ . This includes a generic enrollment meeting presentation (Roadways to Retirement), a presentation for ongoing considerations ( “A Pause Along Your Journey”), and our quarterly market update. These presentations can be found in the first section of the Resource Center in the new participant and plan sponsor websites, and also at www.bpas.com/gt. Please look for additional education content posted to this site in the coming weeks.
April 27, 2011
New times for afternoon cutoff and website refresh
BPAS is pleased to announce that we have moved the time for our daily website refresh. Previously, our website refresh took place at approximately 5:00 AM EST; this process will now begin at approximately 1:00 AM EST. In addition, starting on April 27th, we will move our afternoon cutoff time from 3:45 PM EST to 4:00 PM EST (the time of market close). We hope these changes provide additional value to our plan sponsor and participant clients.
The latest update
Website upgrade project - Status updateProgress continues on the major website upgrade that is underway at BPAS. For a status update, please click here.
December 30, 2010
Year end capital gains - an important noteThe year end capital gain process is underway once again. Since participants often ask questions when they see share prices fluctuate associated with capital gain distributions, please see this memo for full details on the process.
August 20, 2010
Recent enhancements in BPAS Trust OperationsOver the last year, a number of “behind the scenes” enhancements have been made at BPAS to streamline various functions. This interview with Donna Merritt and Janna Recchio explores these changes.
July 16, 2010
BPAS announces major website upgradeFor more details regarding this announcement, please select the following link.
April 27, 2010
Change in the management of the SMART Funds®Hand Benefits & Trust Company is pleased to announce, effective May 1, 2010, a change in the management of the SMART Funds® series of collective investment funds. For more details regarding this announcement, please select the following link.
March 8, 2010
BPAS announces later cutoff timeThis product announcement provides details on our new cutoff time for web and voice response transactions, and coming enhancements regarding Straight-Through-Processing. To read the announcement, please click here.
February 12, 2010
Dreyfus Small Cap Value Fund Name ChangeDreyfus has changed the name of the Dreyfus Small Cap Value Fund to the Dreyfus Small Cap Fund. Tickers and CUSIPs for this fund remain the same across all share classes. This change is being made by BPAS with no action required on the part of plan sponsors or participants. For details, please select the following link.
January 15, 2010
Federated Stock Trust Name ChangeFederated renames Federated Stock Trust (FSTKX) effective January 29, 2010 and will begin offering a Service Share (SS) class and an Institutional Share (IS) Class. Please see details by clicking here.
January 7, 2010
EFAST – Please Register Now!All plan sponsors that are required to file an annual Form 5500 must now register for EFAST. This new system will allow Forms 5500 to be submitted to the IRS and Department of Labor electronically instead of in hard copy – saving the agencies time and expense associated with data entry. For complete instructions on obtaining your login credentials, please select the following links:
BPAS will post more information on the EFAST process to this bulletin board in the coming weeks.
December 11, 2009
RS Smaller Company Growth Fund Merger
RS Investments has initiated a merger of the RS Smaller Company Growth Fund into the RS Small Cap Growth Fund, effective 12/11/09. This change covers all applicable share classes and ticker symbols. This change was made automatically by BPAS within plan and participant accounts, with no blackout period involved. For additional details, please visit www.rsinvestments.com.
November 9, 2009
Federated announces revised date for fund reorganization
Federated has communicated a date change for the reorganization of the Federated International Equity Fund into the Federated International Leaders Fund. Please select the following link to read additional information including revised dates and trading parameters.
Janus reorganizes J shares as T shares Janus has notified BPAS that it will be renaming its J share class funds into its T share class during February, 2010. All tickers and cusips will remain the same. This change will happen automatically, without any required action on the part of plan sponsors or participants. For additional information, please select the following link - Janus Class J Shares Reorganization. Federated American Leaders merges into Clover Value Fund BPAS has been notified by Federated Investors that it will merge the Federated American Leaders Fund into the Federated Clover Value Fund on 9/18/2009. This change will take place automatically, with no required action on the part of participants. For full details, please click the following news release link. Important Fund Merger Information Notice to participants: An unusually large number of fund mergers have been announced for Q3, 2009; BPAS will be processing these changes automatically in coordination with the mutual fund families. To see the full list of fund mergers, please select one of the following links. More information on the specific changes can be found at fund family websites. Please note, Franklin Templeton funds are undergoing a name change only. July 8, 2009 BPAS unveils state-of-the-art Call Center BPAS is pleased to announce a substantial upgrade to its call center and Customer Service Representative (CSR) team. Please select the following link to access the press release with additional information. June 9, 2009 BPAS Partner and Client Update As you might expect, BPAS has been working on a number of key product initiatives this year. This includes new features and upgrades that will directly benefit clients in the coming quarters. To give clients a sense of our overall project slate, we are pleased to present the BPAS Partner and Client Update (as of Q2, 2009). We think this presentation will be helpful to you, our valued clients. To view the presentation, please click the following link: BPAS Partner and Client Update.
This multimedia presentation is deployed through BrainsharkT. It can be run from any computer with speakers and a high speed internet connection. It also includes a short survey on the end. This feedback will be helpful in our overall planning efforts.
April 2, 2009
Enrollment Booklet Order Form
Many plan sponsors have an existing process for ordering enrollment kits through the financial intermediary that services their plan. For those that do not (or are unaware what the process is), we have added the Enrollment Booklet Order Form to the Administration tab of the plan sponsor website. After completing this fillable PDF form, please press the "submit form" button at the end of the document. BPA will be back in touch with you with any questions as we facilitate the order.
March 5, 2009
Online Distribution Paperwork
BPA is pleased to roll out our online distribution paperwork functionality. This feature will be helpful to participants, plan sponsors and trustees when a participant is trying to initiate a distribution and seeks to expedite the process. This feature is now live and ready for use. Please select the following link for details.
January 27, 2009
CensusPRO Verification Enhancement
BPA is pleased to announce the rollout of an exciting new enhancement to our process for incoming contribution census files. We have enhanced our process to eliminate ACH Verification Faxes in favor of an electronic communication mechanism. This is entirely delivered through CensusPRO™, our proprietary census processing application. For more information. , please click here.
January 14, 2009
Upgrade your plan with online enrollment
Is your plan still using paper-based enrollment? BPA is pleased to announce two new solutions for online enrollment – offered at no cost to clients. Online enrollment can reduce the plan sponsor’s workload while eliminating many hidden liabilities lurking in enrollment forms. For full details on this program, please click here.
December 31, 2008
BPA moves to eliminate ACH fax
In response to plan sponsor requests, BPA has begun a project to eliminate the ACH fax in both directions using an electronic communication mechanism delivered through CensusPro. For complete details on this project which will unfold in early 2009, please click here.
Introducing the Plan Sponsor Newsletter Library
In the area of qualified retirement plans, laws and regulations are constantly changing. To keep our clients apprised of recent developments, BPA is pleased to launch the Plan Sponsor Newsletter Library.
The library contains a rolling archive of plan sponsor newsletters, focused on emerging trends in the retirement plan arena. Recent newsletter topics include new safe harbor options for 2009, information on the DOL’s new “seven day safe harbor” governing deposits for plans with less than 100 employees, a summary of new fee disclosure regulations, and other topics. BPA has licensed this newsletter from Newkirk Products, Inc. (NPI) and McKay Hochman – one of the industry-leading authorities on ERISA and qualified plans. We are pleased to make this service available to our clients at no cost. For important caveats regarding use of these newsletters, please visit the Plan Sponsor Newsletter Library.
To visit the library, please access the plan sponsor website (or financial intermediary website) and view the “BPA News” tab. The library can be found as the first link on the navigation strip. It can also be found at http://www.bpah.com/library/.
We hope this new service is helpful to our clients. As always, please call your BPA Plan Consultant with any questions you may have.
New Loan Request Process
Effective June 17th, 2008, BPAH is pleased to announce a new feature to further automate the loan request process for plans that offer traditional loans. As before, participants will be able to perform loan availability and modeling within the participant website where the Plan permits. However, the loan paperwork will now be available directly in the participant website, where it can be printed, completed, signed and faxed back to BPAH for processing.
How it works:
The participant models a loan by going to the “Request Changes” tab and choosing “Loan Modeling” on the left navigational strip (no change).
The loan choices available in the plan will be displayed, including the ability to print the form, or have it mailed if a printer is not available to the participant.
Once the terms of the loan modeling are satisfactory, the participant may choose “Submit Loan Forms Request”.
The application and amortization schedule will be generated and posted to the “Mail Tab” of the website in a PDF file within minutes.
The entire application can then be printed, completed, signed, and faxed or mailed to BPA for processing.
Additional notes:
If participants do not have a printer available, they can access the website later from another computer that has a printer, and print the paperwork from the Mail Tab.
If participants do not have internet access, our current process will still apply: a participant would call the automated Voice Response Unit (VRU), or our CSR team to request loan paperwork and have it mailed to their home address.
If participants need assistance from HR to initiate a loan request, the same steps can be completed by HR through the plan sponsor website. (This will be particularly helpful in loan requests where a “time crunch” is involved).
For a sample of what the new dynamic forms package looks like, please click the following links: Sample Loan Application and Sample Amortization Schedule.
By making the loan paperwork available immediately and eliminating mailing time (potentially in two directions), this should reduce loan turnaround time significantly. We hope you find the new feature helpful. We look forward to expanding this functionality to other types of withdrawal requests in the future. Please continue to check the Participant and Plan Sponsor Bulletin Boards for announcements as additional product enhancements are made.
New report: The Participant Investment Grid
In response to client requests, BPAH is pleased to roll out an additional report in the plan sponsor website. The Participant Investment Grid can be found in the Utilization Tab of the site. This report gives clients an actionable table of data covering the investment allocation of plan participants.
This Excel (.CSV) file includes the following data points:
Since the report is provided in an Excel format, it can easily be sorted in a variety of ways. This can allow the user to answer a variety of questions on investments, such as “Who are the largest holders of the ABC Fund?”, or “Which participants are invested in the XYX Fund?”. If special mailings or other communications are being contemplated (such as a memo to participants invested in a particular fund), this report will make it easy to do so.
Along with other .CSV files contained in the site, this report will be updated each weekend by BPAH. We hope you find this a valuable addition to the plan sponsor site.
AIM Fund CUSIP Changes and Fund Name Changes.
AIM has announced cusip and fund name changes , that will take effect on April 30, 2008 and May 1, 2008 as outlined here. Select the links below for details.
If you have any questions, please contact Invesco Aim Dealer Services at 800-949-4246.
Guided Tour of The Plan Sponsor Website
BPAH is pleased to launch our guided tour of the plan sponsor website. This multimedia presentation is deployed through Brainshark™. The voice-narrated presentation showcases the many features of the site while educating plan sponsors on our daily administrative environment. It also includes a number of helpful tips to optimize the plan sponsor’s retirement plan experience. The presentation will be valuable for new plans as they convert to BPAH, and as a “refresher course” for existing clients on all the features of the site.
To view the presentation, please visit the following link:
http://www.brainshark.com/communitybankna/PlanSponsorSiteDemo
Attached is a plan sponsor website map which will be useful as you view the presentation. This website map and the link to the multimedia presentation will also appear in the “BPA News” tab of the plan sponsor website.
After viewing the presentation, please call your BPAH Plan Consultant with any additional questions. We hope that this new resource will help clients get the most value from their plan sponsor website!
Dreyfus has made the following announcements regarding mergers of the below mentioned funds.
Effective April 25, 2008 the Dreyfus Premier Managed Income fund will merge into the Dreyfus Intermediate Term Income Fund. Upon the merger on April 25, 2008, the Intermediate Term Income Fund will change its name to Dreyfus Premier Intermediate Term Income Fund.
Also effective April 25, 2008, the Dreyfus Founders Balanced Fund, will be merging into the DreyfusLifeTime Growth and Income Fund.
Important notice: Excelsior Funds becoming Columbia Funds
During 2007, the Excelsior family of funds was acquired by Columbia Funds. As of 3/28/2008, the Excelsior Funds will undergo a name change from “Excelsior” to “Columbia”. Ticker symbols for these funds will remain the same, but fund CUSIPs are changing, and certain share class names will be modified as well. Of particular note in the BPAH platform is Excelsior Value & Restructuring (ticker symbol UMBIX). This fund will be renamed as the Columbia Value & Restructuring Fund, using the same ticker symbol. Note that the 60 day trading restriction that existed with UMBIX (and many other Excelsior Funds, with the exception of certain international funds) will be removed once this transfer is effective.
For additional information on this fund action, please visit http://www.columbiafunds.com/Excelsior.htm
This name change will not present any blackout period or other disruption for plan participants.