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2022

July 19, 2022

BPAS Launches Dynamic Financial Planning Tool for Participants

Utica, NY (July 19, 2022) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts has released version 2.0 of its Roadways Mile Marker financial planning tool for retirement plan participants.
The interactive Roadways Mile Marker 2.0, a key feature in the new BPAS Participant Portal introduced earlier this month, uses wizard technology with real-time updates and projections that go beyond retirement savings to present a bigger picture of each participant’s overall financial health.

“The new Roadways Mile Marker is unique, user friendly, engaging, and easy to see results with just a few inputs so participants have time to take action to shape their financial journey through various life and career stages,” said Elizabeth Kaido, SVP of BPAS Sales & Relationship Management.

“We knew we needed a tool that would paint a full picture of participants’ overall financial health,” said Paul Neveu, BPAS CEO. “In developing the new Roadways Mile Marker, we focused on one key question: How can we create a tool that paints a reasonably accurate picture of financial health in a manageable about of time for the participant? It needed to look at compensation, savings rates, retirement plan balances, outside assets, home equity, and total debt, so participants have time to take steps to shape the rest of their retirement journey.”

BPAS assembled a team of experts from its key service areas including its fully credentialed actuarial team. One actuary, Peter Faber, led the charge with the mission of developing a user-friendly tool that’s actuarially sound and unique to the industry. Faber found that most participant experiences using retirement planning platforms over the years fell into two camps: those focused on retirement projections, and those offering a holistic gap analysis including personal assets, liabilities and other inputs.

“Too often, models like this end up being an over-engineered mess that are more useful for programmers than participants,” said Faber. “This project was captivating because accessibility and accuracy were both paramount from the beginning. Retirement planning tools don’t mean much if they’re not accessible. I am truly proud we were able to develop a cross-generational tool for employees at any stage of their career and in any financial situation – one they can revisit often to shape their journey along the way.”

Kaido agrees. “While there are a lot of interesting concepts out there, we thought that most of the tools missed the mark. There are participants who want an easy calculation with only a few inputs. There are also those willing to invest in a deep dive to produce something more accurate and holistic. After brainstorming with our actuaries, we were able to create a tool to accomplish both goals.”

“Sure, there are financial planning tools a participant can buy for $50 or $100 that are quite powerful,” added Neveu. “They’re pretty complicated and can take hours to populate. We designed the Roadways Mile Marker to bring a valuable tool to the masses at no charge – giving BPAS participants a meaningful perspective with a 15-minute investment of time and the ability to update it regularly.”
“We’re very proud of what Peter, Liz, and the BPAS team built,” said Vince Spina, President of BPAS Actuarial & Pension Services. “The result is a manifestation of our BPAS cultural pillars: deep subject area expertise and a focus on meeting the real-life needs of participants. The Roadways Mile Marker, approved and tested by our team of more than 30 credentialed actuaries, will benefit hundreds of thousands of BPAS participants across numerous account types. Most importantly, it will help get them on the road to financial security.”

A final advantage of the new Roadways Mile Marker is that it allows Advisors and Corporate Trustees to meet with participants and use the tool on-demand as part of ongoing planning exercises. Both parties are able to control the inputs and assumptions to see how the participant is doing, identify gaps, and set a strategy to close them.

To learn more about the BPAS Mile Marker or to schedule a demo, contact your BPAS representative.

About BPAS
BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. We make it our mission to simplify the complicated by delivering benefit-plan services that solve client challenges without the need to engage multiple providers. One company. One call. We support 4,200 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 510,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

Specialty practices include: 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 include: 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.

June 17, 2022

BPAS Earns Top Spots in NAPA Advisor Choice Awards

Utica, NY (June 6, 2022) — BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts has earned top spots among the National Association of Plan Advisors (NAPA) Advisors’ Choice Awards in nearly all categories in the under $10 million space.

According to the NAPA announcement, “The Advisors’ Choice awards are a means for committed retirement plan advisors to acknowledge best-in-class recordkeepers in a dozen different categories in the target market(s) they service.” The announcement also noted, “Advisors are, of course, extraordinarily well positioned to compare and evaluate the strengths (and weaknesses) of this critical service – as they see and experience first-hand the features, flexibility, and support that organizations provide across a wide variety of circumstances.”

Advisors placed BPAS in the Top 5 Recordkeepers in 12 out of 13 categories for both Small Plans ($1 million to $10 million in assets) and Micro Plans (less than $1 million in assets). The categories include:

  • Participant Tools
  • Plan Sponsor Website
  • Mobile App
  • Regulatory Support
  • Staff Credentials
  • Advisor Support
  • Participant Statement
  • Education Materials
  • Multilingual capabilities
  • Plan Health
  • Wellness
  • Retirement Income

“We work hard on the full range of issues every day at BPAS, so hearing this news is music to our ears,” said Paul Neveu, BPAS CEO. “Our mission is to deliver first-rate service, expertise, and accountability with reasonable fees. We engage in honest introspection at BPAS. We identify things we can do better, then get after them one at a time – seeking to constantly improve our value proposition. To be recognized this way―in what is essentially a national, blind-reference check―is extremely gratifying. We’re already getting calls from new Advisors and Trust companies since the results were published.” Visit napa-net.org/advisors-choice-small-plans and napa-net.org/advisors-choice-micro-plans for full details about this recognition.

While BPAS earned top honors in the micro and small markets, the firm handles the full range of plan sizes and types, from start-up to $500 million in assets, and from 1 to more than 15,000 participants (counting both Defined Contribution and Defined Benefit expertise).  “We use the same proven administrative model for all DC plans, so we get a lot of calls when a plan is large and complex and other recordkeepers have punted,” added Neveu. “Whether it’s company stock, unitization, frozen asset, a pooled plan alternative, or something unusual in type or design, we like a good challenge.”

“I think advisors are seeing BPAS as a complete solution that delivers on all fronts,” said Vince Spina, President of BPAS Actuarial & Pension Services. “We work with plan sponsors of 401(k), 403(b), and Defined Benefit plans and their financial advisors to customize solutions that are best for them. The rules that apply to the $1 billion Defined Benefit plan also allow a sole proprietor or small business-owner to supplement their 401(k) Plan with additional tax-deferred savings by establishing their own Defined Benefit plan. We work together inside BPAS to provide a seamless experience for sponsors and participants.”

BPAS offers a range of services that simplifies the complicated nature of retirement and benefit plans without the need to engage multiple providers. Its service model of comprehensive administration, combined with full fee transparency and conflict-free open architecture investments, provides the support, versatility, and experience clients can depend on. All BPAS clients have a dedicated fully credentialed plan consultant, regardless of plan size. Of particular note, BPAS clients report a 45% time saving with BPAS over previous administrators operating in a recordkeeping paradigm.

“Flexibility, depth of expertise, and consulting are things we really focus on at BPAS,” added Maryann Geary, President of BPAS Plan Administration & Recordkeeping. “We reflect on something every day: there is no law that requires anyone to work with BPAS. We want our reputation to be one of expertise, great people, and accountability. It’s reassuring to know that partners see us as trustworthy people they can build a business around. But, we won’t let it get to our heads; we’ll keep working every day.”

The BPAS team believes that none of this success has happened by accident. It’s the result of hard work, a strong work ethic among its employees, and a commitment to empowering employees to work out issues in a friendly, collaborative way. “That’s how we roll at BPAS,” added Neveu. “It’s what defines us. It’s what makes us special.”

About BPAS

BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services. We make it our mission to simplify the complicated by delivering benefit-plan services that solve client challenges without the need to engage multiple providers. One company. One call. We support 4,200 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 510,000 participants.

The BPAS family of services includes: Workplace Retirement Plans, Actuarial & Pension, Healthcare Consulting, IRA, VEBA HRA, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, and Institutional Trust.

Specialty practices include: 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 include: 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.