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2020

December 09, 2020

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.

December 02, 2020

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.”

October 30, 2020

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.”

October 16, 2020

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.

June 18, 2020

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.

May 08, 2020

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.

March 09, 2020

BPAS Hires Sales Director to Expand Southeast Region

Utica, NY (March 5, 2020) — BPAS, a leading national provider of retirement and benefit plans, fund administration, and collective investment trusts, announced today that John Lutz has joined the organization as its Regional Sales Director managing the Southeast territory.

“John brings extensive industry experience to BPAS,” said Elizabeth Kaido, Vice President of Sales with BPAS Plan Administration & Recordkeeping Services. “With his demonstrated expertise, combined with our full suite of defined contribution plan offerings, actuarial services, an open architecture HSA, and collective investments for advisors, John is well positioned to help us expand our presence in the Southeast region. We’re thrilled to welcome John to the BPAS team.”

“I’m excited to join the BPAS organization. We’re a unique option because our costs are never leveraged by investment selection, and our administration is always integrated across trust, custodian, trading, and recordkeeping. These features eliminate so many fiduciary liabilities and day to day recordkeeping headaches; I know business owners are looking for this kind of solution,” said John Lutz. “I look forward getting out there to share the BPAS story.”

“I’m excited to join the BPAS organization. We’re a unique option because our costs are never leveraged by investment selection, and our administration is always integrated across trust, custodian, trading, and recordkeeping. These features eliminate so many fiduciary liabilities and day to day recordkeeping headaches; I know business owners are looking for this kind of solution,” said John Lutz. “I look forward getting out there to share the BPAS story.”

John brings to BPAS more than 20 years of experience in the retirement plan industry. He is an alumnus of Ohio University, is an assistant coach at American Top Team Atlanta, and holds a Series 7 License.

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.

The BPAS family of services includes: Plan Administration & Recordkeeping, TPA, Actuarial & Pension, VEBA & HRA/HSA, Fiduciary, IRA, Healthcare Consulting, Transfer Agency, Fund Administration, Custody, and Collective Investment Trusts.

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

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

March 03, 2020

BPAS and RENOVA Solutions Launch Payroll Integration Partnership

San Juan, PR (March 2, 2020) – BPAS, a leading national provider of retirement and benefit plans, fund administration, and collective investment trusts announced today it has successfully rolled out 180-degree integration with RENOVA Solutions (RENOVA) for mutual plan sponsor clients. RENOVA is a provider of payroll services and technological human capital solutions based in Puerto Rico.

The BPAS-RENOVA integrated solution improves administrative staff productivity and enhances data security and integrity. The two companies created the integrated solution exclusively for their mutual customers who use the RENOVA platform and BPAS services. It is the first such offering in Puerto Rico.

“Our focus on payroll technology is relentless,” said Wilfredo Cosme, Co-founder, and President of RENOVA Solutions. “We are excited to further our integration with the different platforms involved in human capital management, in this case, the BPAS benefits platform. The integration of technology and human resources transforms the customer experience, which is an essential part of our mission,” he added.

Cosme credits Finanxial Group for making the alliance possible.  “We want to thank our friends and business partners from Finanxial Group for putting together RENOVA and BPAS along with their valuable input as investment advisors and leaders in designing and advising retirement plans in Puerto Rico,” said Cosme. “This triumvirate strategic alliance creates a strong solution for current and future clients. We have selected best-in-class solutions for plan administration, payroll services and plan advisors, with each firm working together seamlessly. That’s what we’re able to bring to the table with BPAS and Finanxial.”

RENOVA integrates with several accounting systems, and BPAS works with many different payroll providers. The collaboration provides value-added benefits to mutual clients.

“Our goal was to reduce the administrative workload for employers offering a retirement plan benefit to employees,” said Alfredo Matheu, President of BPAS Trust Company of Puerto Rico. “We’re thrilled about our partnership with RENOVA,” he added. “It will be a terrific resource for current and future clients seeking ease of administration for their benefit programs. We’re now able to deliver a high-touch service environment with minimized routine tasks and maximized automation between the recordkeeper and the payroll system. It is truly a first-of-its-kind offering for the Puerto Rico market.”

About RENOVA Solutions

RENOVA Solutions provides powerful technology and dedicated support teams that understand clients and are there for them every step of the way to transform the employee experience. RENOVA provides a single solution and support for HR, Payroll, Hiring, Benefits Administration, Time & Attendance, Compliance as well as innovative Wellness and Hiring Solutions.

Founded in 2012, RENOVA has been a growing private company year after year. With more than 20K users on the platform, RENOVA clients benefit from state-of-the-art technology along with support focused on helping people make the difference.  Visit https://www.renovasolutions.com for more information.

About Finanxial Group
Finanxial is a professional service group providing the widest range of financial services in Puerto Rico lead by Fernando Navarro, CPA/PFS, CFP, CIA, and Andrés Morgado CPA/PFS, CFP, Esq. Finanxial Group is the first and only CPA firm to grow into a truly financial service from financial consultants to investment advisory services, specializing in retirement plans. Services are focused on design, implementation, and advice to retirement plans based on each client’s need to maximize benefits by using the best products and providers for the plans.

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.

The BPAS family of services includes Plan Administration & Recordkeeping, TPA, Actuarial & Pension, VEBA & HRA/HSA, Fiduciary, IRA, Healthcare Consulting, Transfer Agency, Fund Administration, Custody, and Collective Investment Trusts.

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

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

January 07, 2020

BPAS Launches First Ever Puerto Rico Collective Investment Fund

San Juan, PR (January 7, 2020) ― BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that the Puerto Rico Pension Board has selected the PR Capital Preservation Fund (Fund) for inclusion in the new PR Act 106 DC Plan for Government employees. It is the first-ever Collective Investment Fund (CIF) created by a PR financial institution. Under Act 106, the new CIF will be the default investment for the plan which covers 110,000 participants. BPAS received a favorable private-letter ruling from the PR Treasury Department approving the Fund as a “Qualified PR Security” which provides for certain tax benefits related to lump-sum distributions.

BPAS Trust Company of Puerto Rico will serve as the Fund trustee and investment manager. Hand Benefits & Trust, a BPAS company, will be the agent for administration. The Fund is also available for non-government plans qualified under PR Code Section 1081.

Barry Kublin, BPAS CEO, credits the private-public partnership in Puerto Rico for the product development. According to Kublin, “40% of the portfolio is allocated amongst the FDIC-insured PR financial institutions in enhanced yield accounts, with the remainder invested in institutional money market and stable value investments.” He added that the Office of the Commissioner of Financial Institutions and Hacienda reviewed and approved the initiative in a thorough and timely manner. “The Pension Board and their consultants embraced a creative solution to the Act’s mandates. Having provided trust and plan administration services in PR for 20 years and given the breadth of our services, we are well positioned to deliver a complete solution to all PR retirement plan constituents,” he added.

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.

The BPAS family of services includes: Plan Administration & Recordkeeping, TPA, Actuarial & Pension, VEBA & HRA/HSA, Fiduciary, AutoRollovers & MyPlanLoan, Healthcare Consulting, Transfer Agency, Fund Administration, Custody, and Collective Investment Trusts.

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

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

Contact: Alfredo Matheu | President | BPAS Trust Company of Puerto Rico | 787-936-2251 | [email protected]