|New York, Sept. 27, 2011– Access Control Advantage (ACA) is pleased to announce that it has signed a patent and software licensing agreement with BPAS (Benefit Plans Administrative Services, Inc.).ACA’s patented solution eases the burden of retirement loan processing for recordkeepers and plan sponsors while providing a better loan solution for plan participants. Specifically, ACA can lower plan administration costs, reduce participant borrowing, eliminate loan repayment with payroll processing, enable faster loan repayment, keep more assets in the plans and encourage employee participation. ACA provides participants that separate from their employer the ability to pay their loan over the original term which eliminates the risk of a deemed distribution, tax implications and penalties.
“We have been creating value for the defined contribution industry and plan participants since we invented Access Control Advantage. With ACA, we have found that loan balances are on average 25% lower than traditional retirement loans because participants borrow only what they need when they need it. In addition, 30% of ACA loan repayments are higher than the minimum required,” said Bruce Bent II, ACA president and CEO.
“BPAS is pleased to partner with ACA to bring this valuable service to our plan sponsor clients and their plan participants,” said Barry S. Kublin, BPAS president. “We believe that offering ACA will provide BPAS with a significant market advantage by offering a more flexible and contemporary solution to service participants’ loan needs.” BPAS will be a service provider of ACA for SunGard Relius and Omni users and will also partner with other interested recordkeepers to extend the ACA solution to their plan sponsors and plan participants.
BPAS was founded in 1973 and is a national provider of administrative, actuarial and consulting services to a diverse array of clients spanning the United States and Puerto Rico. BPAS services more than 2,000 retirement plans and 200,000 plan participants and $4 billion in plan assets.
Access Control Advantage, Inc. is an affiliate of Double Rock Corporation (www.doublerockcorp.com). Double Rock is a financial technologies company providing the industry’s most innovative cash management and cash-related solutions to the broker-dealer, banking, qualified plan and retail direct space. Through its subsidiary Island Intellectual Property, LLC, Double Rock Corporation has more than ten years’ experience in successful patent licensing and patent enforcement. Island IP holds and manages patents, patents pending and other intellectual property and currently has more than twenty patents and other patents pending.
Benefit Plans Administrative Services, Inc. (BPAS) is a national provider of DC plan administration services (BPA), actuarial and consulting services (Harbridge Consulting Group), institutional trust services (Hand Benefits & Trust Company) and cafeteria plan administration (Flex Corp) to a diverse array of clients spanning the United States and Puerto Rico. With offices in Syracuse and Utica, New York; Pittsburgh and Philadelphia, Pennsylvania; and Houston, Texas, BPAS is truly a national organization, but one that is comfortably midsized.