BPAS launches dynamic financial planning tool for plan members

UTICA, NY, July 19, 2022 /PRNewswire/ — BPAS, a leading national provider of pension, benefit, fund administration and mutual fund trusts, has released version 2.0 of its financial planning tool Roadways Mile Marker for pension plan participants.

The interactive Roadways Mile Marker 2.0, a key feature of the new BPAS Participant Portal introduced earlier this month, uses assistant technology with real-time updates and projections that go beyond savings -retirement to present a broader picture of each participant’s overall financial health.

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

“We knew we needed a tool that would paint a complete picture of participants’ overall financial health,” said Paul Nephew, CEO of BPAS. “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 time frame 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 action to shape the rest of their retirement journey.”

BPAS has assembled a team of experts from its core service areas, including its team of fully accredited actuaries. an actuary, Pierre Faber, led the charge with a mission to develop a user-friendly, actuarially sound and unique tool in the industry. Faber found that most participants’ 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’s more useful for programmers than participants,” Faber said. “This project was exciting because accessibility and accuracy were paramount from the start. Retirement planning tools don’t mean much if they’re not accessible. I’m really proud that we were able to develop a cross-generational tool for employees at all stages of their careers and in any financial situation – one they can revisit often to shape their journey along the way.”

Kaido agrees. “While there are many interesting concepts, we felt most of the tools missed the mark. There are participants who want an easy calculation with just a few inputs. There are also those who are willing to invest in a deep dive to produce something more precise and holistic. After brainstorming with our actuaries, we were able to create a tool to achieve both goals.

“Of course, there are financial planning tools that a participant can purchase to $50 Where $100 which are quite powerful,” Neveu added. “They are quite complicated and can take hours to complete. We designed the Roadways Mile Marker to bring a valuable tool to the masses at no cost – giving BPAS participants meaningful perspective with a 15 minute time investment and the ability to update it regularly.”

“We are very proud of what Peter, Liz and the BPAS team have built,” said Vince Spine, Chairman of BPAS Actuarial & Pension Services. “The result is a manifestation of our BPAS cultural pillars: deep domain expertise and a focus on meeting the real needs of participants. The Roadways Mile Marker, approved and tested by our team of over 30 credentialed actuaries, will benefit hundreds of thousands of BPAS participants across many account types. More importantly, it will help put them on the path to financial security.”

A final benefit of the new Roadways Mile Marker is that it allows advisors and corporate trustees to meet with attendees and use the tool on-demand as part of ongoing planning exercises. Both parties are able to check inputs and assumptions to see how the participant is doing, identify gaps, and define a strategy to fill them.

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

About BPAS

BPAS is a national provider of pension plans, employee benefit plans, fund administration and institutional trust services. We’re on a mission to make the complicated stuff easier by providing benefits plan services that solve customer problems without the need to hire multiple vendors. A company. A call. We support 4,200 pension 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 & Retirement, Healthcare Consulting, IRA, VEBA HRAhealth and welfare plans, trustee, collective investment fund, fund administration and institutional trust.

Specialized practices include: Auto-Enrollment Plans, Multi-Employer Trusts/Plans, Plans with Employer Titles, Puerto Rico Section 1081 Plans, VEBA HRA Plans, Cash Balance Plans , collective investment trusts and fund administration.

Subsidiaries of BPAS include: BPAS Trust Company of Porto RicoGlobal Trust Company, Hand Benefits & Trust and NRS Trust Product Administration.

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

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

SOURCE BPAS Inc.