The BPAS Advantage

Today’s regulatory environment and compliance challenges make fiduciary oversight more important than ever before. Plan Sponsors can be held personally liable for losses caused by their decisions or actions as a fiduciary.

While fiduciary services are delivered by many of our Advisor and Corporate Trustee partners directly, BPAS Fiduciary Services can provide additional support when needed by a financial intermediary or plan sponsor. We can help with:

  • ERISA 3(38) Investment Management Services: This provides the highest level of fiduciary protection available, as the entire burden of establishing and maintaining the Plan’s investment menu is delegated by the plan sponsor to BPAS Fiduciary Services.
  • ERISA 3(21) Investment Advisory Services: For larger plans, we can serve as co-fiduciary and help establish and maintain the plan’s investment menu. This is a custom approach geared to the specific client.

We also offer special, 25 and 50 basis point level compensation programs for Registered Representatives who cannot act as a plan fiduciary, but want to provide clients with the benefits of this kind of program.

Key Features

  • Different programs to meet the varying needs of clients.
  • Comprehensive manager search-and-selection process using our true open-architecture platform.
  • Customized Investment Policy Statement and a Quarterly Investment Monitoring Report with fund recommendations.
  • Every decision is justified, monitored, and enacted solely in the interest of participants and beneficiaries.
  • Documented practices and policies.
  • Ongoing monitoring of processes to ensure accountability, fairness, and transparency.
  • Customized education resources.
  • Full fee transparency and level compensation (both for BPAS Fiduciary Services and our Plan Administration & Recordkeeping Services division). Any forms of revenue sharing, if available, are used to offset the platform fee at the level of each fund within the Plan.

Designed For

Plan sponsors that want to:

  • Reduce their fiduciary liabilities
  • Save time with fund monitoring, reviews, and replacements
  • Enjoy transparency in their investment strategy and plan pricing

Additional Reading

ERISA Section 3(38) Fiduciary

  • An ERISA Section 3(38) Fiduciary is an “investment manager,” who, by definition takes discretion, authority, and control of the Plan’s assets, and is thus a fiduciary.
  • Can only be a bank, an insurance company or a Registered Investment Adviser (RIA) subject to the Investment Advisers Act of 1940.
  • BPAS Fiduciary Services is a division of Hand Benefits & Trust Company (HB&T) and a wholly owned subsidiary of Community Bank System, Inc. (NYSE: CBU).
  • Plan Sponsors can delegate the significant responsibility (and significant liability) of selecting, monitoring, and replacing of investments to the 3(38) investment manager fiduciary.
  • As the 3(38) fiduciary, BPAS Fiduciary Services assumes legal responsibility and liability for the decisions it makes, which enables the Plan Sponsor to better manage and mitigate their fiduciary risk.

BPAS Fiduciary Services is experienced in Defined Benefit (DB)/Cash Balance, 401(k), 401(a), 403(b), 457(b)/(f), Taft-Hartley, Davis-Bacon, 1081.01, and VEBA/HRA/HSA Plans. With a credentialed team dedicated to investments, our comprehensive 3(21) and 3(38) fiduciary services are customized to meet every client’s unique needs.  Choose a little or a lot. We have your back.

Next Steps

Want to learn more?
Contact us at trustsales@bpas.com or call 1-866-401-5272.