This 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.

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.

As an additional resource to clients, BPAS is pleased to roll out the Economic & Market Review presentation within our plan sponsor and participant websites. Hosted by Lou Iovannone of BPAS Philadelphia, this presentation provides an update on recent economic trends and conditions in the investment markets. The presentation is deployed using streaming video technology provided by Brainshark™. We hope the presentation will be useful – providing additional perspective on the investment markets so participants can make informed investment decisions.

To view the presentation, please click the following link – Economic & Market Review presentation. This link will also appear within the Education Tab of the plan sponsor and participant websites.

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.

As an added resource to clients, BPA is pleased to roll out our Guided Tour of the Participant Website. A link to this page can be found at the login area of the participant website, or at https://www.bpas.com/GT.  The page includes 12 short video clips covering the most commonly used features of the site – including viewing account balances, making investment changes, initiating loan and distribution paperwork, conducting research through the Market Dashboard and other topics. We hope the Guided Tour will be useful for new plan participants as they enroll in the plan and as a ‘refresher course’ for existing participants. Video clips are deployed through Camtasia™ and include both audio and video.

BPA is pleased to roll out another website enhancement – our Enhanced Login feature. Please review the attached product announcement for details; this enhancement will become available in early May.

ReserveSolutions, Inc., the provider of the ReservePlus Loan Program , has changed its name to Access Control Advantage, Inc. (ACA) to more effectively identify their unique purpose. Similarly, the ReservePlus Loan Program name has changed to Access Control Advantage.   They have upgraded their systems and made other important enhancements to their website, now available at www.ACAonline.com.   Please select the following link for more information.

Effective Friday, February 27, 2009 the Janus Fundamental Equity Fund and the INTECH Risk-Managed Stock Fund will be renamed. These are fund name renames only; both CUSIP and QUOTRON information will remain the same. To view additional details, please select the following link.

Goldman Sachs recently initiated a reverse share split on the Structure Small Cap Value Fund. While the total dollar value of participant accounts was not impacted by the split, the fund’s net asset value and the total number of shares held would have been directly impacted by the 7 to 1 ratio involved in the split. Please see the attached memo from Goldman Sachs for full details on this process by selecting the following link. BPA has made the corresponding adjustments within our recordkeeping system.

BPA is pleased to announce some significant enhancements to our Fund Research page within the participant and plan sponsor websites. This component of our website is offered through Newkirk Fund Central™ — licensed by BPA from Newkirk Products, Inc (NPI).

Following are some of the enhancements made to this page as of January, 2009 (per NPI):

• Longer performance histories. Revised fund pages display performance originating from the oldest share class and re-calculated by Morningstar to reflect the expenses of each share class. The result will be longer performance histories for many funds. We’ve also added calendar-year performance for the past ten years for the fund and its benchmark.
• Expanded fund-related fee information. The new fund pages will continue to include the gross expense ratio as required by regulations, but also will display the net expense ratio (in response to client requests), management fee, 12b-1 fee, and other expenses. Although the new fee disclosure regulations remain in flux, this information will be helpful to plan sponsors and participants in better understanding the expense structure of various funds.
• New asset allocation and additional fund composition data. Previously, fund pages displayed one set of composition data – largest holdings, asset allocation, equity sectors, regional breakdown, or bond diversification – for each fund. The new fund pages display the asset allocation for each fund, as well as an additional set of composition data from largest holdings, equity sectors, regional breakdown, country breakdown, bond quality breakdown, bond maturity breakdown, and bond sectors.
• Enhanced fund-characteristic information. The pages include the management style (active or passive) for all funds, as well as 30-day yields and duration for bond funds, average market cap and number of securities for stock funds, and seven-day yields for money market funds. In addition, fund pages will display the Morningstar Category, 3-Year Risk Rating, and 3-Year Performance Rating, where available.

To see the new information, please visit the participant website, select the “Fund Research” link within the Account Inquiry tab, then select the Web Link column for any fund in the table.

We hope you find these enhancements helpful as you continue to research funds and make investment decisions within your account.