Archives

How the American National Bank of Texas Offers Large-Plan Service to All Plan Sizes With the BPAS Enhanced Service Model

As the head of the YOUR kPlan® Retirement Platform sponsored by American National Bank of Texas (ANBTX), Carol Dogans manages the demands of offering a competitive platform and helping participating employers meet their fiduciary responsibilities under ERISA—all while working to grow the bank’s business. In addition to providing Wealth Management Services, ANBTX Trust Division acts as Discretionary Trustee, Named Fiduciary, and 3(16) Plan Administrator, under the ANBTX YOUR kPlan® Retirement Platform.

For many years, Carol used a national recordkeeper with a separate TPA to service the bank’s plans. This model proved fine for smaller plans, but as the plans grew, the pricing and services did not meet the needs of their larger clients. As a result, Carol saw several large plan clients leave the program searching for a more robust solution, leading her to search for a provider that could help ANBTX meet all of its service needs.

“We were not able to grow our business but spent our time trying to maintain current clients,” Carol said. There was a general lack of flexibility and service gaps between the recordkeeper and TPA. Carol found the solution she needed with BPAS. Due to this most recent partnership, since 2019 until now (end of 1st quarter 2020), ANBTX YOUR kPlan® platform has experienced a 48% increase in asset growth (due in part to the partnership with BPAS, market, new plans, larger plans, plan design changes, and introducing the ANBTX IRASelect product powered by BPAS).

“I was amazed at what BPAS could deliver,” Carol said, “we had the tools needed to service all size plans and provide a bundled environment. And, this BPAS solution reduced our fiduciary workload due to the system automations taking away many of our manual processes in order to meet our fiduciary responsibilities for each plan.” Even existing YOUR kPlan® clients that have been with other service providers in the past have recognized positive changes, including the level of quality service with BPAS. “For the first time in years we have not received one negative comment (only positive) from our clients since our partnership with BPAS thus far—that in itself is amazing to me,” Carol added. Advisers who have plans on the platform have also experienced a noticeable difference. One adviser said he likes having a dedicated person to call and not an 800 number with prompts. His requests are always filled promptly. Recently, this adviser has transitioned most of his retirement plan clients to this platform due to the enhanced service model.

Additionally, BPAS was able to offer institutionally priced investment options, even for small plans. Carol loved the way BPAS collected a full census each pay period to track eligibility, vesting, and terminations in real time and to process distributions without the need for employer signature.

“These services reduced processing errors that normally are corrected at the end of the year and require my time to calculate lost earnings,” Carol commented. “BPAS also tracks late deposits and reminds the plan sponsor that the expected deposit has not arrived.”

MyPlanLoan and a financial wellness program offered large plan services to small plans with no additional cost to the employer. HSA recordkeeping is also available to be bundled with the 401(k) plan.

“I am now able to focus on bringing in new business to the bank, including larger plans that need the level of service BPAS can deliver,” said Carol. “Finally we have a partnership with a service provider that fills in the gaps—reducing our fiduciary workload which has eliminated many of our manual processes— and providing enhanced services with competitive pricing to our plans,” said Carol.

American Rescue Plan Act of 2021 Funding Relief for Single-Employer Pension Plans

Recently, we released a newsletter providing details on potential funding relief for single-employer defined benefit pension plans. That newsletter detailed some of the potential changes to the minimum funding rules that may be on the horizon. On Thursday, the President signed a modified version of the bill into law. Below is a summary of some of the pertinent changes.

Summary of Current Regulations

Under prior regulations, the interest rate relief provided under the Bipartisan Budget Act of 2015 was scheduled to begin phasing out in 2021. In particular, the 10% corridor around the 25-year average of rates that has been in effect for several years, was set to expand to a 15% corridor in 2021 with further expansion in 2022 – 2024 at an additional 5% per year until reaching 30%. The graphical representation below shows the changes in interest rates that were expected to occur over the next several years as the corridor expanded, assuming rates remained at or near current levels.

 

 

American Rescue Plan Act (ARPA 2021) – Changes

The ARPA 2021 legislation provides for several changes related to the interest rates used for minimum funding purposes. First, ARPA 2021 includes an interest-rate floor of 5% on the 25-year average of rates. This provision alone means that a Plan’s effective interest rate will not fall below 3.50%. In addition to the interest-rate floor, the legislation provides for a revised corridor schedule. It will reduce the corridor to 5% with the ability to adopt it retroactive to 2020. This 5% corridor would remain in effect until the plan year beginning in 2025 and then increase by 5% per year until fully phased in at a 30% corridor for the plan year beginning in 2030. The following is a representation of the expected effects on our sample plan.

 

 

As you can see, the interest rate relief will have a profound effect on the rates used to determine minimum funding requirements. Because the mandated interest rates affect minimum required contributions and benefit restrictions under IRC 436, implementation of the new rates will move plan funded percentages higher. The new law allows plan sponsors some flexibility regarding the timing of adoption for plan years beginning prior to January 1, 2022. It also allows the expanded interest rate relief to be adopted for either minimum funding purposes, benefit restriction purposes, or both depending on each sponsors particular circumstances.

The legislation also increases the time period over which any funding shortfalls may be paid. It expands the time period from 7 years under current law to 15 years. The combination of higher minimum funding interest rates and a longer amortization period over which to spread any underfunding comes as welcome relief to cash-strapped sponsors of single-employer defined benefit pension plans. In addition, the change in amortization periods is allowed, retroactively, to plan years beginning in 2019 for those plan sponsors who wish to elect it.

Have questions? Contact your BPAS representative for more information.

BPAS Creates Solutions Squad as a Resource to Plan Sponsors and Service Providers

Utica, NY (February 16, 2021). BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, has created a special solutions-focused consulting team as a resource to plan sponsors and the retirement plan industry on technical matters.

The BPAS Solutions Squad consists of expert professionals in Defined Contribution, Defined Benefit, and Health and Welfare plans, as well as TPA services.

“With the flurry of mergers and acquisitions in recent years, business models are changing,” said Paul Neveu, BPAS CEO. “While there’s considerable technical depth within the industry, some providers are narrowing the services their in-house compliance teams provide, causing gap situations that need to be solved at the client level. We saw how it was adding burdens to Plan Sponsors and knew we had the resources to help.”

While the core focus of BPAS remains on recurring engagements, the expertise of the Solutions Squad allows BPAS to dive in, review complex situations, and work with other parties as an additional business line. BPAS understands that a range of factors and simple miscommunication among parties can give rise to compliance problems for employers. “We understand the sensitivity of these situations, the need for confidentiality, and discretion,” added Neveu. “The key is to identify what went wrong, review possible remedies and take action — not just let the situation fester.”
Maryann Geary, Executive Vice President of BPAS, agreed, saying that BPAS has seen situations where an administrative or operational error occurred and the correction methodology was outside of the provider’s wheelhouse. “There are matters like coverage testing across controlled groups, complex year-end allocations or true ups, or where calculations were done wrong for several years as a result of problems with compensation or the benefits formula,” she said. “There are also jump-ball situations when a plan moves from Provider A to B, where an employer ends up in ‘no-man’s land’ as neither provider is willing to handle certain compliance work. The BPAS Solutions Squad can bring great value to these cases, either as a resource to the employer or to one of the providers.”

“There are also cases where an employer simply wants to fix a spot issue rather than move the entire relationship,” added Vince Spina, President of BPAS Actuarial & Pension Services. “It’s understandable, but with the biggest vendors, they see risk everywhere. They often say no to requests that move from administration into the consulting realm. Our actuarial and DC teams are willing to review situations to see where we can be of assistance. Consulting is what we do for a living. We’ll take a look, have some dialogue. Often, we find a better way to solve the problem.”

The BPAS Solutions Squad can also provide resources to help in working with legal counsel, accounting firms, and IRS and DOL regulators. Naturally, BPAS reserves the right to determine what situations make sense for the Solutions Squad, including timing, scope of engagement and potential fees.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA, Consumer-Driven Health Plans.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA/HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

Amy Kemp Named American Academy of Actuaries Social Security Committee Chair

Utica, NY (December 8, 2020). BPAS, a national provider of retirement plans, benefit plans, fund administration and collective investment trusts, announced today that Amy Kemp, Vice President, Consulting at BPAS Actuarial & Pension Services, has been named Chair of the Social Security Committee of the American Academy of Actuaries.

As part of the Pension Practice Council of the American Academy of Actuaries, the Social Security Committee’s purpose is to provide independent and objective analysis, advice, and education to stakeholders of social insurance plans. With a principal focus on Social Security, the committee offers expertise in financing, annual reporting, managing system risks, and program design.

Kemp is a Member of the American Academy of Actuaries (MAAA), an Associate of the Society of Actuaries (ASA), and an Enrolled Actuary licensed to provide actuarial services under ERISA (EA). She also brings to the role her more than 30 years of experience in defined benefit plans and actuarial consulting in industries as diverse as healthcare, manufacturing, and higher education.

“I am honored and excited to be named the Chair of the American Academy of Actuaries Social Security Committee,” said Kemp. “My passion and commitment to Social Security, along with a strong desire to encourage bipartisan reform prior to the combined Social Security trust fund reserve depletion projected in 2035, will assist in serving in this role. I hope my time as Chair serves to bring forth positive discussions about the finances and provisions of the program for the benefit of all stakeholders.”

“Social Retirement programs are one of the great achievements of government in the past 100 years,” added Vince Spina, President, BPAS Actuarial & Pension Services. “It’s one government program that benefits nearly every worker in the U.S. I’m excited that Amy will be able to lead a forum for options to be considered and discussed in a rational manner so we can ensure future workers can continue to retire with dignity. I couldn’t think of a better person to serve as Chair.”

About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping | Actuarial & Pension | Collective Investment Trusts | Fund Administration | Custody | Transfer Agency | 3(16)/3(38) | Healthcare Consulting | IRA | HSA | VEBA | Consumer-Driven Health Plans.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA/HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

About the American Academy of Actuaries
The American Academy of Actuaries is a D.C.-based 19,500+ member professional association whose mission is to serve the public and the U.S. actuarial profession. Academy members include consultants, corporate executives and staff, regulators, government officials, academics, and retired actuaries. Their areas of practice cover pensions, life insurance, casualty insurance, health insurance, financial reporting, risk management, and more.

The Academy assists public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries credentialed by one or more of the five U.S.-based actuarial organizations in the United States.

Many of today’s most pressing public policy issues require the sound application of actuarial principles. The Academy provides actuarial expertise and advice to public policy decision makers on a wide array of issues that require the special set of skills and qualifications that actuaries offer. It also advocates on behalf of the profession and promotes the use of actuaries in non-traditional industries. Visit actuary.org for more information.

BPAS Announces Retirement of CEO Barry Kublin

Utica, NY (December 2, 2020). BPAS, a national provider of retirement plans, benefit plans, fund administration and collective investment trusts, announced today that Barry Kublin will retire from his position as CEO effective December 31, 2020. He will remain with the company in Board of Director, strategic consulting, and industry advisory capacities. Paul Neveu will succeed Kublin as CEO of BPAS and Chris Hulse will succeed Kublin as CEO of NRS/BPAS trust services.

“It was a great run of 36 years,” said Mark Tryniski, CEO at Community Bank System, Inc. (CBSI), the BPAS parent company. “Barry is a rare individual who is adept at both strategy and execution. He is entrepreneurial and operational, and a serial opportunist — which is how he was able to grow a business from scratch to more than $100 million in annual revenues. We’ll continue to benefit from his vision, expertise, and industry relationships in his new capacity.”

Kublin joined Community Bank in 1985 as VP of Human Resources, where he conceived and launched its initial employee benefits business. Kublin then led the acquisition of BPAS in 1996, which at that time had fewer than 10 employees and $1 million of revenue. Under Kublin’s leadership, BPAS today has more than 365 employees, $100 billion in trust assets, $1.3 trillion in fund administration, and serves more than 450,000 participants.

“I have thoroughly enjoyed my time with BPAS,” Kublin remarked. “Entrepreneurship and leadership are about challenging the status quo and overcoming resistance from its guardians. I have been very fortunate to work with colleagues who welcome change, and look forward to continuing to support the company as a resident in the Caribbean.”

In becoming CEO of BPAS, Paul Neveu will expand his current responsibility over BPAS Plan Administration and Recordkeeping to include BPAS Actuarial & Pension Services, the business operations of Fiduciary Services and BPAS Trust Company of Puerto Rico, Marketing Communications, Accounting, and certain other key areas. Neveu joined BPAS in 2005 after nine years with Federated Investors and several years with Coopers & Lybrand (now PWC) in Boston. Neveu became President of BPAS Plan Administration & Recordkeeping Services in 2015, working under Kublin. He is a graduate of the University of New Hampshire with a dual degree in Business Administration and Music Performance.

“Barry is truly a legend in the industry — a friend and mentor who has shaped me over the years,” said Neveu. “As we move into the future, we recognize the foundational principles that Barry instilled into our culture. They will always be part of the BPAS story. During the transition, we will maintain our focus on continued stable growth and new technology to bring solutions that create efficiencies across our retirement and employee benefit businesses. Our technology focus includes the recent rollout of the BPAS University mobile app; new functionality in our web portals; more financial wellness options for participants; and exciting new developments in our VEBA HRA, actuarial, and IRA businesses. We will always be looking to deliver value for plan sponsors, partners, and participants. It’ll be a fun and exciting time, with an amazing team of professionals leading various business lines within BPAS.”

“Paul has been instrumental in driving the growth and success of the BPAS Defined Contribution business over the years,” said Tryniski. “I am excited about the energy and passion Paul will bring to this new role. We will continue to grow BPAS under his leadership through new and existing client channels, technology, and expanded products and services.”

Chris Hulse, who is CEO of Northeast Retirement Services (NRS) and its subsidiary Global Trust Company (GTC), will assume the additional responsibilities for Hand Benefits & Trust, including its collective investment fund and common fund business, and the trust activities of BPAS Trust Company of Puerto Rico. Chris is responsible for the strategic direction of the firm’s trust business, including daily client servicing and operations. Prior to assuming the CEO position, he was the NRS/GTC Chief Operating Officer for the past 15 years.

“NRS has grown dramatically under Chris’ leadership,” added Tryniski. “He’ll be working closely with Stephen and David Hand as we continue to grow our collective trust business. We look forward to the ongoing contributions of Chris and Paul in their new leadership roles, and recognize Barry for his 36 years of invaluable service in building the BPAS organization.”

About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA/HRA, FSA.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA/HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.”

BPAS Launches Breakthrough IRA Solution

Utica, NY (October 21, 2020). BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts introduced IRARewards, a breakthrough solution to retirement saving. It’s a first of its kind Individual Retirement Account (IRA) funded with cash-back earned by shopping at thousands of participating merchants across the nation.

IRARewards pairs a traditional or Roth BPAS IRA with the EvoShare cash-back solution. EvoShare’s proprietary system turns a percentage of every dollar spent at more than 13,000 local and online stores, restaurants, and other merchants into IRA contributions. EvoShare provides employees with a “set it and forget it” experience where they can spend as usual at participating businesses and receive up to 20% cash back toward retirement. It’s a new, easy, automated way to save for retirement.

“When research showed that 27% of Americans have less than $25,000 saved for retirement, we knew we had to do more,” said Barry Kublin, BPAS CEO. “IRARewards answers the call. It’s a safe, easy way to get employees saving for retirement without hitting their already over-stretched paychecks or budget. We’re pleased to be able to help so many Americans achieve retirement readiness in such a simple way.”

“For too long, employees have only relied on their paycheck to save for the future. Now, they can use both their earnings and their daily spending to grow their nest egg,” said Eugeny Prudchyenko, CEO of EvoShare. With BPAS, we’re able to deliver a one-of-a-kind experience for retirement savers and the retirement industry. Together, we can help millions of American workers achieve their retirement goals.”

IRARewards participants enjoy a single sign-on to their BPAS IRA and any other BPAS account, including their 401(k), health savings account, and VEBA HRA, and EvoShare to manage their accounts. The IRA experts at BPAS take care of the account opening, servicing, questions, funding, and investing.

Participants simply download the Evoshare browser extension and/or securely register their existing credit card(s) to EvoShare using a personalized hyperlink. There is no need for a separate credit card account to get IRARewards. The cash-back earned with IRARewards is in addition to any other credit card incentives; it doesn’t replace them. Participants simply shop and dine as usual at participating merchants. Cash-back earnings are automatically deposited into their BPAS IRA each month.

“It’s truly free money invested into an IRA,” added Brian Douglas, VP, BPAS IRA Services. “It’s like participating merchants are giving people money-off for shopping with them. But, the money they save goes into an IRA. It’s a brilliant way to turn every day spending into generous cash-back rewards and painlessly boost retirement savings. I really think IRARewards is going to be a game changer in the retirement industry.”

For more information, visit IRARewards.com.

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA/HRA, FSA.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

About EvoShare

EvoShare, a microsavings oriented FinTech startup based in Berkeley, California, is the premiere cash-back savings program that is giving employees a new, automated way to save for their retirement and education goals. EvoShare provides employers with a “set it and forget it” experience where employees can spend as usual at over 13,000 participating businesses and receive up to 20% cash back toward a financial account; 401(k) or 403(b) plan, IRA, HSA, student loan, or 529 plan. EvoShare has been featured in Forbes, Inc., Entrepreneur, and The Huffington Post. It won the 2019 DC Genie Award from 401(k) TV for “Best Financial Technology” and was a finalist for KNect365’s 2019 Finovate Award for “Top Emerging Tech Company.”

BPAS Introduces PensionEase Solution

Syracuse, NY (October 13, 2020). BPAS Actuarial & Pension Services (APS) announced today the successful launch of its new PensionEase Defined Benefit (DB) solution. BPAS PensionEase enhances the company’s already robust administration services by adding participant direct services to provide plan sponsors with a full DB package.

BPAS PensionEase includes:

  • Participant recordkeeping
  • Compliance monitoring and participant required-event notifications
  • Preparing and reviewing returned benefit packages
  • Processing distributions
  • Direct servicing through a fully staffed participant contact center
  • Easy online access to plan materials and self-service benefit modeling

BPAS APS is one of the top 20 retirement plan actuarial practices in the U.S., with 70 employees, including 25 actuaries.
Developed out of more than 35 years of experience in consulting and benefit administration, its PensionEase approach offers enormous time savings and efficiencies for client administrative and personnel teams.

“BPAS PensionEase combines actuarial benefit calculation services with the participant and benefit distribution services traditionally handled by a human resources department,” said Sarah Dam, Senior Vice President at BPAS APS. “With PensionEase, we’re able take on the full administration burden so employers can focus on their business and not worry about the DB plan.”

“More and more employers are looking to outsource their DB Plan administration,” said Jason Disco, VP of Sales at BPAS APS. “Historically only very large pension plans could be outsourced. But, BPAS PensionEase is a complete DB solution for companies of all sizes.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $100 billion in trust assets, $1.3 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help clients solve all of their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA/HRA, FSA.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

Hand Benefits & Trust Launches Collective Trust Tickers on Nasdaq Fund Network

Houston, TX (June 17, 2020) — Hand Benefits & Trust (HB&T), a BPAS company, announced today it has gone live with more than 30 Collective Investment Trust (CIT) tickers and associated CUSIP numbers via the Nasdaq Fund Network. HB&T is a leading national provider of employee benefit trust services and a pioneer in CITs partnering with over 50 investment firms to create more than 240 funds and 500 CUSIPs.

Nasdaq Fund Network (NFN) expanded its coverage to include CITs, bringing increased transparency to the market. The NFN platform facilitates the collection and dissemination of critical data for investable products and generates tickers. The new CIT tickers empowers investors to find their relevant investment performance data on a variety of institutional market data platforms and financial web portals, such as Yahoo! Finance, CNBC, Wall Street Journal, MarketWatch, Barron’s, Refinitiv, Bloomberg and FactSet.

CITs offer a variety of advantages for retirement plan participants, sponsors, and service providers, including low expense ratios and transparent pricing, flexibility in fund holdings, transparency in fund holdings, and simplified tracking.

HB&T is a Cerullli top-rated organization for hosted trustee services. It serves as the trust company to help investment management firms create new funds or take an existing strategy to an expanded market through its transfer agency services.

“Wide adoption of CITs in not just large plans, but all plans, is vital to the success of the retirement plan industry,” said David Hand, HB&T CEO. “Barriers to entry exist in smaller plans where it is key for them to have access to all retirement platforms, creative share class design, and information equal to other securities. With the latter just accomplished, HB&T continues to be a market leader in CIT distribution.”

“The HB&T model was built to seamlessly integrate fund administration services, transfer agency services, and trustee services,” added Barry Kublin, BPAS CEO. “The combination drives process efficiency that produces cost savings and improves quality. Less moving parts simplifies arrangements for investment professionals and their clients. When it comes to designing, delivering and operating CITs, no one has more experience than the BPAS family of trust companies, which also includes Global Trust Company and BPAS Trust Company of Puerto Rico.”

About BPAS and HB&T
BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $86 billion in trust assets, $1 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well positioned to help our clients solve their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA/HRA, FSA.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.

BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

BPAS Names VP of Defined Benefit Sales

Syracuse, NY (May 8, 2020). BPAS Actuarial & Pension Services (APS) announced today that Jason Disco has been promoted to Vice President, Sales. BPAS APS is a division of BPAS, a leading national provider of retirement plans, benefit plans, fund administration and collective investment trusts.

Disco joined BPAS APS in 2015 as Director of Defined Benefit (DB) Sales where he focused on delivering innovative DB solutions, including traditional and cash balance plans and DB participant services (PensionEase) to financial intermediaries and clients across the nation. He is a results-driven sales leader with more than 20 years of experience in the retirement plan industry including key sales positions with ERISA Consultants and Lifetime Benefit Solutions.

“Jason is the architect behind our extremely successful DB 360 offering,” said Vince Spina, President, BPAS Actuarial & Pension Services. DB 360 assembles all aspects of managing a defined benefit plan – actuarial, participant level administration, investment advisory, payor, and trust services – under a single roof. “Thanks to Jason, the simplicity of traditional and cash balance plan servicing is resonating with plan sponsors,” Spina added. “Jason is the ultimate quarterback, assembling the right team for each client’s specific needs. This promotion was just a natural progression for a very talented leader.”

“Jason’s intuitive collaborative skills perfectly align with the BPAS mantra of one company, one call,” said Paul Neveu, President, BPAS Plan Administration & Recordkeeping Services. “We look forward to collaborating with him in this new leadership role.”
BPAS APS is one of top 20 retirement plan actuarial practices in the U.S., with 70 employees, including 25 actuaries. As Vice President, Sales, Disco will oversee the DB plan sales process and work with financial intermediary partners to distribute actuarial and consulting services nationwide. He will also coordinate consulting services for DB/DC (defined contribution) combination plans, healthcare consulting, health savings accounts (HSA), DB 360, collective investments, PensionEase, and other comprehensive solutions for clients across the nation.

“I’m looking forward to leading the development of new distribution channels and working with the BPAS Sales team to distribute our superior actuarial and consulting services nationwide,” said Disco. “With my extensive knowledge of DC and DB plans and collaborative spirit, I’m excited to be consulting with financial intermediaries to help build their retirement practices.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts. We support 3,800 retirement plans, $86 billion in trust assets, $1 trillion in fund administration, and more than 450,000 participants. With our breadth of services, depth of creative talent, and financial resources, we are well-positioned to help our clients solve all their benefit plan challenges without the need to engage multiple providers. One company. One call.

BPAS services: Plan Administration & Recordkeeping, Actuarial & Pension, Collective Investment Trusts, Fund Administration, Custody, Transfer Agency, 3(16)/3(38), Healthcare Consulting, IRA, HSA, VEBA/HRA, FSA.

BPAS specialty practices: Auto Enrollment Plans, Multiple Employer Trusts/Plans, Plans with Employer Securities, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans, Collective Investment Trusts, and Fund Administration.
BPAS subsidiaries: BPAS Trust Company of Puerto Rico, Global Trust Company, Hand Benefits & Trust, and NRS Trust Product Administration.

As a solutions-oriented national practice, we are committed to “Solving Tomorrow’s Benefit Challenges Today.” Visit bpas.com for more information.

Cyber Security Policy

April 13, 2020

As an addendum to the Policy Statement Regarding Account Transactions, BPAS has published our Cyber Security Policy in the participant, plan sponsor, and financial intermediary websites. To view the policy, login to your account at bpas.com, and browse the first section of the Resource Center.