Plan Sponsor Bulletin Board
Working Together to Address Inactive Accounts.
An important issue facing retirement plans today is the matter of inactive accounts — participants who have never logged on since BPAS initially provided them with an initial PIN. To help our clients mitigate risk to these accounts, BPAS has done two things. First, we’ve created a special report, found in the plan sponsor website Resource Center, that identifies participants with inactive accounts in the plan. Second, we’ve created a special targeted participant communication (also found in the Resource Center) that employers can provide to these individuals, asking them to log on to update important information. For additional details, please view the attached security update communication. If you have questions, please contact your Plan Consultant at BPAS.
Special Notice Regarding Year-end Capital Gain Distributions
As happens every year, mutual funds are now posting various types of capital gains for year end 2018 based on the change in value of various securities held during the year. When a capital gain is declared, participants may notice a fairly dramatic drop in the price of one or more funds, followed by the posting of additional shares several business days later (which makes up for the difference). Since BPAS receives many questions from participants each year when capital gain distributions are made, we have prepared this memo to explain the process and alleviate concerns among participants.
Decatur Capital Management, Inc. (“DCM”) to Partner with Hand Benefits & Trust on Collective Investment Funds
Houston, TX, November 29, 2018 — Hand Benefits & Trust (HB&T), a BPAS company, announced today that it has been selected by Decatur Capital Management, Inc. (DCM), to establish a new ESG focused US Equity collective investment fund (CIF) effective January 1, 2019. HB&T is a leading national provider of employee benefit trust services. The new collective investment fund will be available to qualified retirement plans and will trade on most major record-keeping platforms.
Read the full news release here.
IRS Announces 2019 Cost of Living Adjustment Figures
The IRS has released cost of living adjustment figures for 2019. A list of the 2019 IRS contribution and related limits, along with a comparison to 2017 and 2018 limits is available by clicking here to view the Cost of Living Adjustment Figures summary,
ABG Consultants to Partner with Hand Benefits & Trust on Collective Investment Funds
Houston, TX, November 12, 2018 — Hand Benefits & Trust (HB&T), a BPAS company, announced today that it has been selected by ABG Consultants, LLC to establish a series of risk‐based collective investment funds (CIFs) effective February 1, 2019. HB&T is a leading national provider of employee benefit trust services. The HB&T CIFs will provide ABG Consultants with a new alternative to handling risk‐based models on a recordkeeping system.
Read the full news release here.
ACH Distribution Update
Over the past year, there have been many developments in information technology and security within the financial services industry. In light of new and emerging threats, retirement service providers have had to re-evaluate distribution methods for retirement plan assets to protect participant accounts. Please read more here for a summary of the BPAS position on electronic ACH Distributions.
BPAS Acquires Puerto Rico’s HR Consultants
San Juan, PR—April 9, 2018. Benefit Plans Administrative Services, Inc. (BPAS) announced today that it has acquired the business of HR Consultants (SA), LLC, in Puerto Rico. Both Adrian Robles and Hector D. Gaitan, FCA, ASA, MAAA, EA, of HR Consultants have already joined the staff of BPAS under an interim arrangement.
To view the full press release, click here.
New BPAS Retire Mobile App Launched
BPAS has launched the first version of our new mobile app, which is available for both iPhone and Android devices. For instructions on accessing the BPAS Retire app, please visit www.bpas.com/participants/bpas-retire-mobile-app/. Download the mobile app flyer to view the latest information about the app. In the coming quarters, additional functionality will be deployed into the app, including full online enrollment, investment transfers and more. As always, the full participant website can be accessed through most mobile devices as well.