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Products December 9, 2013
BPAS Expands DB, Post-Retirement Admin.
Community Bank System, Inc., through its subsidiary Benefit Plans Administrative Services, Inc. (BPAS), reached an agreement to acquire an actuarial and consulting practice from EBS-RMSCO, Inc.
Reported by PLANADVISER staff
EBS-RMSCO is a subsidiary of The Lifetime Healthcare Companies that provides actuarial valuation and consulting services to clients who sponsor pension and post-retirement medical and welfare plans.
BPAS, through its three principal subsidiaries—Benefit Plans Administrative Services, LLC, Harbridge Consulting Group, LLC, and Hand Benefits & Trust Company, employs 240 professionals and provides daily valuation, actuarial and employee benefit consulting, VEBA / HRA and employee benefit trust services on a national scale. The practice to be acquired provides defined benefit (DB) and post-retirement medical benefit valuation services to 150 organizations, principally in New York state.
Upon completion of this transaction, BPAS will administer more than 3,600 plans with 350,000 participants and provide custodial services to $13.5 billion in assets. Harbridge plans to hire the entire service team directly associated with the acquired actuarial practice, and BPAS will open an office in Rochester, New York, to accommodate the new employees and expanded practice area.
“This transaction represents a very attractive opportunity for us,” says Mark E. Tryniski, Community Bank System, Inc.’s president and chief executive officer. “We look forward to welcoming these new clients, assuring them of our commitment to pro-active actuarial consulting and introducing them to our broader array of services.”
Bill Naylon, senior vice president of finance for EBS-RMSCO, adds, “This transaction will allow EBS-RMSCO to focus on its core TPA and employee benefit offerings, and we expect to continue servicing many of these same clients.”