Halifax Health Selects BPAS for Retirement Plan Services

UTICA, N.Y., Nov. 1, 2022 /PRNewswire/ -- BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts announced today that it has been selected by Halifax Health for daily valuation recordkeeping of approximately 10,000 participants in its suite of defined contribution (DC) retirement plans.

Recognized as one of the top 50 Cardiovascular Hospitals in the U.S., Halifax Health provides a full continuum of inpatient and outpatient healthcare services across the state of Florida. It operates a network of organizations, including a tertiary hospital, three community hospitals, urgent care facilities, a psychiatric facility, four cancer treatment centers, a significant hospice organization, a preferred provider organization and five outreach locations.

In 2021, Halifax Health began a rigorous nationwide search for a daily valuation recordkeeper to take over its DC plans. In early 2022, it named BPAS as the winning bidder and completed the transition in July.

"BPAS is honored to service the Halifax suite of defined contribution plans," said Elizabeth Kaido, Senior Vice President of Sales at BPAS. "Because it's a governmental healthcare organization, the Halifax suite of DC plans is complex. It has seven qualified and non-qualified plans with different employee groups and retirement benefit considerations. The good news is that complex plans are where BPAS shines. We bring expertise and unique advantages to streamline the experience for Human Resources and plan participants and quite honestly make their lives easier."

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. Of particular note, BPAS clients report a 45% time saving with BPAS over previous administrators operating in a recordkeeping paradigm. Kathleen Walsh Dulko of Ashford Investment Advisors, located in Daytona Beach, FL provides fiduciary services for the Halifax suite of plans, coordinating with BPAS throughout the life of the relationship.

According to Donna Kramer, Regional Sales Director at BPAS, "We've worked closely with the Halifax Health HR and Finance teams to review outstanding loans in the program, develop an efficient solution for terminated participants with de minimus balances, add online beneficiary reporting, refresh and update participant data, and more to ensure a smooth, seamless transition of services. We're also confident that Halifax Health plan participants will get a lot of value from our new BPAS participant website and robust education and wellness tools."

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. The BPAS Actuarial & Pension Services division has served as actuary and consultant on the Halifax Health defined benefit (DB) plans for more than 10 years.

"While it was an independent process that led to BPAS being selected as the new DC recordkeeper, I think the familiarity with our services on the DB side gave Halifax a comfort level with the DC services we're able to deliver," said Sarah Dam, Senior Vice President at BPAS Actuarial & Pension Services. "We've appreciated working with Halifax Health on their DB plans over the years are very excited to broaden our relationship."

"Total retirement outsourcing is a growing trend, added Paul Neveu, BPAS CEO. "At BPAS, we offer it in a true open-architecture way, including stable value funds, target date funds and everything else. Our goal is to help organizations like Halifax Health solve retirement plan challenges in practical ways by leveraging technology, while they receive strong consulting from highly invested team members. We want to eliminate pain points and provide a seamless experience for plan sponsors and participants. Our work is never done because we embrace a mantra of continuous listening. We're delighted to expand our partnership with Halifax Health. Their HR and benefits team members are first rate and we look forward to conquering new challenges together."

Recognized as one of the 50 Top Cardiovascular Hospitals™ in the United States by IBM Watson Health™, Halifax Health serves Volusia and Flagler counties, providing a continuum of healthcare services through a network of organizations including a tertiary hospital, three community hospitals, urgent cares, psychiatric services, a cancer treatment center with five outreach locations, the area's largest hospice, a center for inpatient rehabilitation, outpatient rehabilitation clinics, primary care walk-in clinics, a clinic specializing in women's health, a pediatric care community clinic, three children's medical practices, a home healthcare agency, and an exclusive provider organization. Halifax Health offers the area's only Level II Trauma Center, Thrombectomy-Capable Stroke Center, Center for Transplant Services, Pediatric Intensive Care Unit, Pediatric Emergency Department, Child and Adolescent Behavioral Services, complete Neurosurgical Services, OB Emergency Department and Level III Neonatal Intensive Care Unit that cares for babies born earlier than 28 weeks. For more information, visit halifaxhealth.org.

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 4,500 retirement plans, $110 billion in trust assets, $1.3 trillion in fund administration, and more than 620,000 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.

Media Contact:
Paul Neveu| CEO| BPAS 
315-292-6900 | [email protected]

SOURCE BPAS Inc