BPAS, a national provider of retirement plans, benefit plans, fund administration and institutional trust services, completed its acquisition of East Meadow, NY-based Creative Plan Designs, Ltd., according to a Feb. 14 announcement by the firm.
The companies had reached an agreement in Dec. 2023 with a Feb. 1, 2024, effective date. All CPD employees will join the BPAS team.
Formed in 1979, CPD specializes in designing tailored retirement plans for owners of small- to mid-sized businesses, believing that retirement planning is not a one-size-fits-all proposition. Yet, changes in the retirement plan business—particularly with the demand for enhanced technology and cybersecurity protocols—apparently necessitated a change in strategy, the announcement further notes. As such, CPD began discussions with BPAS about a potential collaboration.
“I'm not ready to retire,” CPD Founder Ron K. Stair said in a statement explaining the decision. “It's important to me that I work with people I trust and respect; I found that at BPAS. This move will allow us to continue to provide CPD clients with a high level of service and consulting expertise, and add the deep resources, technology, and range of solutions offered by BPAS.”
“CPD will become our 15th office, but we have deep roots in New York State. We are honored and happy to have CPD join us,” added Paul Neveu, Chief Executive Officer of BPAS. “I'm very impressed with the level of knowledge and expertise across the entire CPD organization. We are looking forward to working with Ron and the CPD team to write new chapters together,” Neveu further emphasized.
As a Community Bank System subsidiary, BPAS provides daily valuation, actuarial and employee benefits consulting, fund administration, health & welfare plans, IRAs, and institutional trust services through its subsidiaries on a national scale. It has 14 offices across the nation and Puerto Rico. The partnership enhances the services and resources available to CPD clients.
Jason Disco, Senior Vice President of BPAS Pension Sales & Consulting added, "We are very excited to be partnering with CPD, a respected and growing provider of defined contribution and defined benefit consulting services. The transaction will strengthen and complement our existing retirement plan services and provide further support for growth in the Metro NY area.”
BPAS currently supports 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.
