BPAS Partner Conference Speaker Q&A- Barry Kublin
Barry Kublin is the President of Benefit Plans Administrative Services, Inc. (BPAS) Since 1996, he has led the Company through several new product initiatives and acquisitions that have resulted in BPAS being recognized as an industry leader in retirement plan solutions for plan sponsors and participants.
May 14, 2014
Barry Kublin is the President of Benefit Plans Administrative Services, Inc. (BPAS) Since 1996, he has led the Company through several new product initiatives and acquisitions that have resulted in BPAS being recognized as an industry leader in retirement plan solutions for plan sponsors and participants.
1. Barry, at the upcoming BPAS Partner Conference you are slated to talk about “Driving Auto Plans to Success,” exactly what is this referring to?
In a recent study, the U.S. retirement system was ranked 10th out of 20 countries reflective of retirement income adequacy, the sustainability of benefits that have been promised and the integrity of the system relative to transparency and efficiency. A leading deficiency in the U.S. system is the gap in participation and savings rates.
At the upcoming BPAS Partners Conference, I will be describing DC retirement systems in other countries that are higher rated, and leading a discussion on best practices around the globe. To the extent such practices are supported by current U.S. regulations, we will also discuss how to overcome resistance to plan sponsors concerns over plan design features that improve plan outcomes.
2. In your opinion, why are employers reluctant to adopt these automatic features?
Amongst the many potential concerns over “auto plans” are cost, liability and administrative burdens.
Costs might increase pursuant to increased participation. Liability is attributable to errors in plan administration. Administrative burden is a variable dependent on the service capabilities of the recordkeeper/TPA. To a large extent, “Auto” plans are being undersold due to the service limitations of unbundled service providers. Cost can be mitigated by salary determinations, in the same way that sponsors have responded to increases in insurance benefits. Liability is also a service provider qualification issue.
3. It seems that improving the financial well-being of employees would be in everybody’s best interest and I know you’re passionate about that topic. Please explain your thinking.
The U.S. economy is consumer driven. Inadequate levels of retirement income will continue to have deleterious effects on job opportunities for younger employees, will be a drag on consumer spending by baby boomers, and will strain federal benefit programs for the aged. Increasing participation and savings rates is “good for business.”
4. You were recently listed as one of the Top 100 Most Influential Professionals in the Defined Contribution Industry for 2013. Tell us how that feels to be honored like that and as you move forward, what future projects do you have on tap to offer the industry?
Peer recognition is always humbling. BPAS has grown into a recognized provider in the DC, DB, CIF and VEBA markets. More than the growth of the business, I hope this recognition reflects my commitment to helping more employees retire with dignity.
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