BPAS Celebrates Milestone Anniversary in Puerto Rico

UTICA, N.Y. and SAN JUAN, Puerto Rico, Aug. 20, 2024 /PRNewswire/ -- BPAS, a national provider of retirement plans, benefit plans, fund administration, and institutional trust services, is celebrating 10 years of growth and success for its BPAS Trust Company in Puerto Rico.

BPAS has been providing recordkeeping, third-party administration, sub-custodial, and other services for Puerto Rico Qualified plans since 2001. Although Puerto Rico is a commonwealth of the United States, it maintains its own tax code and regulatory body (the Puerto Rico Department of the Treasury, commonly referred to as "Hacienda").

With the regulatory release of the Puerto Rico Internal Revenue Code of 2011, BPAS recognized the need to build a team of experts that could service PR clients directly. The company saw it as an opportunity and established its San Juan-based BPAS Trust Company in August of 2014.

"While we had been providing recordkeeping and other services for Puerto Rico Qualified plans in partnership with banks and Trust Companies on the island for years, we knew we could do more," said Paul Neveu, BPAS CEO. "With BPAS Trust Company of Puerto Rico, we brought Directed Trustee, Paying Agent, and Custodial services to the mix, in addition to bundled administration, which offered a complete solution to PR financial intermediaries, plan sponsors, and participants. It was the vision of our previous CEO, Barry Kublin, who had so many ideas that created the underpinnings of the BPAS we are today. We'll always be grateful for Barry's convictions."

With its local presence, BPAS Trust Company of Puerto Rico provides services as part of a bundled daily valuation program or as a stand-alone Directed Trustee. BPAS services include PR Section 1081, Defined Contribution plans for small and large employers, Keogh plans, ERISA 3(38) Investment Advisory Services, Cash Balance Plans, Collective Investment Funds, and more.

Today, through independent PR Trustee and comprehensive plan administration services, BPAS supports more than 20,000 participants in Puerto Rico. With 13 employees devoted to its PR practice, the company is attracting household-name clients across the island and proving to be an ideal solution for stateside companies with a presence in Puerto Rico.

"Over the past decade, we have grown to make a significant impact in our industry and the future of the Puerto Ricans we serve," said Alfredo Matheu, President of BPAS Trust Company of Puerto Rico. "This success is a testament to the hard work, dedication, and passion of every single member of our team. The collaborative nature of our organization has been key to our development and growth."

Plan Sponsors both stateside and in Puerto Rico rely on the BPAS team's deep understanding of both tax codes. "We bring expertise in both 1081 and stateside plans, so we have well informed opinions on issues such as dual qualified plans," said Mike Hahn, VP of BPAS Partner Relationship Management. "We know what works and can advise employers to help avoid compliance pitfalls and ensure smooth, accurate plan administration. Our business model offers simplicity and accountability while protecting retirement plan assets."

The BPAS team is also able to conduct a full range of services in PR, including onsite education meetings, and a wide range of free educational tools and resources for PR participants online at BPAS University. 

"It's a rapidly growing market," said Maribel Solá, Senior Partner Success Manager at BPAS Trust Company of Puerto Rico. "We're unique in that we serve as recordkeeper, third-party administrator, clearing firm and directed trustee under one roof. Plus, we provide account services, web resources and support materials in both Spanish and English.

BPAS partners and clients are finding great value in BPAS' expertise in PR plans and in the support services BPAS can deliver. It is also a big advantage for multinationals and stateside employers to be able to operate with BPAS in both languages.

"It's an honor to provide assistance to our PR clients and lead a Team of dedicated Plan Consultants who primarily work with PR Qualified plans." said Max Gottfried, BPAS Regional Plan Consulting Manager. "Our Puerto Rico Consulting Team is very knowledgeable regarding the differences between US and PR qualified plans, we serve as subject-matter experts for our clients and thus can provide best-in-class service, effectively helping them navigate the PR Tax Code, as well as BPAS systems and processes. We're here to make their lives easier."

"As we mark this important anniversary, we would like to extend our deepest gratitude to our clients, partners, and supporters who have been with us on this amazing journey," said Matheu. "Their trust and collaboration have been invaluable. As we look back on the past ten years, we are filled with pride for all that we have accomplished together. But more importantly, we are excited about the future. We are committed to the PR market and our pursuit of excellence, innovation, and service as we step into the next chapter of our story."

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 with the convenience of one company, one call. We support 5,800 plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 810,000 participants in partnership with advisors, trustees, and financial professionals across the nation.

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

Visit bpas.com for more information.

Media Contact:
Nicole Ossevoort | 315-728-3871 | [email protected]

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SOURCE BPAS Inc