Benefits Plan Administrative Services Reviews (%countItem)
Benefits Plan Administrative Services Rating
Address: 6 Rhoads Dr Ste 7, Utica, New York, United States, 13502-6317
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Absolutely the worse company to deal with! I was recently laid off during the Covid-19 crisis. I desperately needed funds from my 401k to pay my rent. I faxed in all requirements and called to ensure my fax was received. I was advised it would take 5-7 business days for processing (which I though was a bit excessive seeing it takes a few seconds to mail a check) but ok. I waited and waited. On the 7th business day I call to check the status. I am then told that the request is being processed and my check will be mailed on the next business day (Business Day #8 not including 2 weekends that passed). I expressed my need for these funds on multiple occasions and nothing was done to expedite my request. This company has no care in the world for people's needs. Any employer I work for in the future I will make sure this is not the company used for 401K. If BPAS is the company they use, I WILL NOT PUT ANY OF MY MONEY WITH THEM.
This letter is in response to the complaint you filed with the Revdex.com regarding your distribution request.
We reviewed the recordings of your phone conversations and email exchanges you had with our Participant Services Center. It appears that the distribution process took 8 days from the time we received your completed paperwork to the time we mailed you a check. In reviewing our records, we found several key pieces of information that might help explain why it may have appeared to take longer.
You called our Participant Service Center (PSC) on April 8 to request a distribution. Our PSC representative informed you that your former employer needed to change your employment status before we could provide the proper distribution paperwork. Changes in employment status sometimes take one or two pay periods following the last paycheck to process between the two systems. We advised you that the paperwork would appear in your online account as soon as we received the status change from your former employer. It’s important to note that you didn’t mention that your employment termination was related to the COVID pandemic or that you were worried about paying your rent in any of the calls or email exchanges you had with our PSC.
On April 22, you called our PSC to see if your status had been changed by your former employer. We verified that your status had been updated to show you were terminated and that the distribution paperwork was now available in your online account. We also assisted you with a password reset to your account later that day.
We received your completed distribution paperwork via FAX at 5:07 p.m. on Wednesday, April 22. While our PSC is open until 8 p.m. ET, our operational areas close at 5 p.m. We began processing your distribution request at the start of business on April 23. It typically takes 5 to 7 business days to settle the account, verify the vesting schedule, and issue the check. We completed your distribution and mailed a check to your home address on May 4.
We’re sorry to learn that you were in a dire financial position waiting for your distribution. Had you shared that information with our PSC in any of your phone calls or email exchanges, we may have been able to rush the process on your behalf.
Please understand that the COVID pandemic has resulted in an enormous number of distribution requests. We know these are difficult times for many Americans and are committed to processing requests as quickly as possible. We believe that since you now have your distribution check, this matter has been resolved. We wish you well in your future endeavors.
I have a FSA account and my employer uses BPAS. 3 weeks into the new year of 2020 I asked my employer about the FSA card. My employer stated that it should have been received already and to reach out to BPAS. I reached out to BPAS as my employer instructed. I spoke with a gentleman about not receiving the card. He was very kind and understanding. He stated that because I haven’t received the card that I will not be charged for the new card. I waited 3 weeks because he said give it up to 10 business day. Online says the card was mailed out February 10, 2020. Today is March 11, 2020 and I still have not received my card. I called a week in a half ago and spoke with a customer service rep. She was nice and understanding. I explained to her about not receiving the first card and not receiving the second card. She stated that the card was a returned to sender due to BPAS not putting my complete shipping address. She said it will be mailed back out the following day. No problem I understand things happen. Today I called and explained to the customer service rep about the issue I was having about not receiving my card. Also, I expressed that I was being charged a replacement fee for a card that I never received. She stated that it comes in a plain white envelope and can be mistaken as junk mail. I expressed to her that I have been checking my mailbox everyday purposely and carefully looking for this card. She expressed that it’s not the company fault things get lost in the mail. I said who fault is it...mines? She stated again it’s not the company fault. I once again asked who fault is it...mines? I am the one being charged for a card that I have not received. I asked to speak to a manager 3 times before I was placed on hold while she do a recap with her manager. After waiting on hold for about 5 mins her manager by the name of Gene stated he was informed of the issue that I am having. And starts to explain. I expressed to him what I have been dealing with by trying to get this card that I’ve never received. I expressed that their should be notes in the account about me not receiving the card. I asked him why am I being charged a replacement fee for a card I never received which means I’m not replacing something I never had. He stated the company they use charge them so they charge the participant. I completely understand that. However why am I being charged for something I’ve never received when your employee stated I would not be charged because I haven’t received the first card that was mailed out. He stated because I’m replacing a card. I asked him how am I replacing a card I never received. He stated because it was mailed to me. So, I asked Gene to make this make sense to me, you being charged for something you never received. He stated he understood. However, there is nothing he can do but ask the company can they waive the fee which is no guarantee that will happen. I asked Gene why do I have to pay a fee for a card I have never received. Why can’t BPAS absorb the fee? He stated it’s not BPAS it’s the company that makes the card. I said so I have to be charged a fee for a card I’ve never received? He bested around the bush by stating de-escalation tatics that clearly we’re not working on me. He tried stating that the card comes in a plain white envelope and can easily be mistaken as junk mail. Once again I’m be faulted as if I thrown the card away by mistake or I lost the card. I asked him who fault is it that I have not received this card because all of your answers are insinuating that it’s my fault. He stated that he is not blaming anyone. I stated to him well I’m being charged so it’s my fault. All I’m asking is to remove the fee because I never received the card. Gene stated he can’t do that. It’s the company that makes the card that adds the few automaticity when you order a replacement. I stated How can I order a replacement for a card I never received. Once again my questions are not getting answered nor is anything getting resolved. Here I am without a card and had to pay a fee for a card I never received. He offered to order another card which will charge me a fee. Now he wants me to pay another fee for another card after I haven’t received the first nor the second card. The customer service today was unacceptable. There was no integrity, accountability or compliance. Instead of trying to satisfy the customer needs and come to a resolution I was met with an attitude and being blamed for trying to get a card I have yet to receive.
Dear Mr., We’re sorry to hear that you had issues receiving the debit card
associated with your Flexible Spending Account (FSA). In reviewing our records, we did issue and mail your benefit
card to the address we received from your employer when we set up the plan. We
were not aware that a part of the address had been inadvertently omitted from the
file. When the second card we sent was returned to us as
undeliverable, we learned that the address we had on file was not complete. We
have now received your full address and reissued the card. You should have
it within the next day or two. We apologize for the inconvenience. While we do incur charges from our card vendor to replace lost
or stolen cards, we recognize this situation is unique. We will credit your
account to reverse the $5 fee. Please note that we have also encouraged our
Participant Services team to verify the full address when there is an issue
with cards that appear to be lost in the mail before reissuing a new card. We hope this matter is now resolved and you will be able to
enjoy the convenience of your FSA benefit card. In the meantime, you may submit
claims for reimbursement by logging into your account at BPAS.com. Please let us know if there is anything else we can help you
with. Sincerely, Renee HManager, Operations BPAS VEBA & HRA/HSA Services
I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me. I am currently waiting on the card. Hopefully it will rrive very soon. Thank you for understanding. Regards
I have very little money sitting in this account, but I basically have watched over 4 years as it sits and I spend more on their "maintenance" than it makes. I literally have lost money in the "stable" environment that they call this money being in, where I can invest money with another company in a "stable" environment and it makes a significant amount even without me adding to it. The woman on the phone had no good explanation or reason for this. She continued to repeat "stable" and "maintenance" fee. It's a tiny portion of money but without a solid explanation, it feels like I'm being taken advantage of. Moving my money, for sure. I would give them less than a star if I could.
We’re sorry to learn you are having some issues with your account. While security protocols prevent us from discussing any specific details in a public forum, we can share some information that might help clarify the matter for you.
When IRA balances are transferred to BPAS, the Federal Government mandates that we invest them in a conservative/fixed income/stable strategy. Our stable investment is a very conservative (low risk) fund with an above average rate of return. Over the past few weeks, however, investment markets have experienced significant downside volatility driven by several factors, including the global spread of COVID-19 (the Coronavirus), global events in the oil market, and general market uncertainty. This market turbulence does have an effect on retirement plan accounts, including IRAs.
We should also clarify that all retirement accounts have administrative fees. Often times, the fees are hidden so customers aren’t aware they exist. At BPAS, we believe in full fee transparency. We think our customers should be able to quickly and easily identify the fees associated with their accounts. The most efficient tier on our fee schedule is just a $1/month maintenance fee for accounts with a balance over $15,000.
If you would like to change your investment strategy, you may find more than 20 other low-cost, no-transaction-fee funds (no trading fees, no commissions) by logging into your account at BPAS.com. You will also find a number of helpful tools and resources (quizzes, calculators, etc.) to help you evaluate your objectives and feelings about risk. The best advice, however, is to discuss your investment strategy with an investment advisor.
I have requested a payout from my 401k following a job departure. It has taken 30+ days when I was told that a check is to but cut within 5-7 days, and I have had 2 checks issued that have never arrived. They refuse to send these checks with any tracking via the post office. They refuse to provide any alternative shipping manner or method without me paying for them. I will be requesting a third check to me issued. This company is NOT sending the money out as is their responsibility. This is MY money and should be sent to me when requested as I have followed all of their rules and regulations. I have elevated this issue to the head of customer service Kathy R..who is still unable to assist. Something needs to be done to this type of company that does I just to their customers (FYI-we are customers because our company was duped by this company-not us!!)
We are writing in response to the enclosed correspondence received from the Revdex.com, ID.
BPAS received your request for a distribution from your prior employer's retirement plan during October, 2019. The investments within your account were liquidated on October 22, 2019. Your distribution check was issued on October 23, 2019 and mailed to your Colorado address, which was your address on our records at that time. On November 8, you contacted our Participant Services team to inform us that you did not receive your distribution check. We immediately placed, a stop payment, reissued the check and mailed it to your address of record. After contacting us again on November 20, 2019 we were provided an updated address along with proof of an address change. We then placed a stop payment on the second check, reissued the check and overnighted it to your updated Texas address. According to our records this check was cashed.
While actively employed, BPAS relies on the address detail provided by the plan sponsor, your employer. Our records show there were multiple address changes associated with your account. For security reasons we do ask for documentation from former employees when there is an address change. We apologize for any inconvenience this may have caused and were glad to see you have received your distribution check.
If you should have any additional questions or concerns, please do not hesitate to contact a Participant Services Representative at
I was rolling over a 401K to a new company. My new company gave me wrong information. I had to send my funds back to BPAS (in Oct 2019) and the customer service agent provided me wrong information. I have sent them the check back and overnighted it and received it on 10/30 here it is on 11/13 and my account has no funds in it and no one calls me back replies to emails. They have a good chuck of my funds and have no idea where it is and all the money I have lost by it just sitting somewhere and not making anything. This is a trouble company to invest in.
I am writing to respond to your Revdex.com NY complaint (#***). Thank you for the inquiry and we appreciate the chance to respond.Our Participant Service Center interacted with you several times throughout the fall 2019. It’s our understanding that you received some incorrect information from one of our representatives. We strive to provide correct information with every phone call, so we apologize for giving you inaccurate material. We received your ‘rejected’ rollover in late October and you completed the IRA opening process timely; we had a processing delay getting your cash invested due to a short-term staffing issue. We understand that the delay was communicated to you, but that doesn’t excuse the tardiness.To resolve the matter we are refunding your $50.00 distribution fee (to follow to your home address in the immediate future). We hope this will settle your inquiry. Please let me know if you have any questions. Thank you.
Tamara’s $50 refund check is cut and in our hands, we are dropping it in the mail today. With mail time from NY to AZ I would think she should have it Saturday or Monday. Let me know if any questions arise. Thanks.
In rolling a 401k to a Ira the paperwork stated no fees. It clearly states that one of the benefits of rolling is no transaction fees when I called no one would rebate the 50.00 fee.
We are writing in response to the enclosed correspondence received from the Revdex.com, ID.SPAS received your request for a distribution from the *** Stock Ownership plan onJuly 12, 2019. Included with the distribution forms package you received was our cover letter, distribution election formand required tax notification. The $50 distribution processing fee is disclosed on page 1 of t he cover letter as well asbelow the signature line on the Participant Acknowledgement and Direction section.The $50 processing fee applies to the time and work associated with processing the distribution from the ***
plan. This entails proper reporting to you, the plan sponsor, and the IRS, processing the check and preparing
the applicable tax reporting Form 1099R that you will receive in January, 2020. You will also find additional detailregarding *** Stock Ownership plan fees charged to participant's account on theannual notices published on the SPAS participant web site.As an added service, participants have the option to elect to rollover their distribution to an IRA$elect product offeredthrough SPAS. One of t he added benefits of the IRA$elect product is " access to a low -cost , no transaction fee fortransfers and realignment s". The "no transaction fee" only applies to transfers between investments or the ability torealign your investments offered within your IRA$elect account. The fees applicable to the IRA$elect product areindependent of any charges applied to your account while you were a participant in your former employer's planWe apologize for the misunderstanding, and hope that t his letter helps clarify the fee that was applied. If haveadditional questions, or require assistance with your IRA account, please feel free to contact one of our IRA Specialists at
I have been frustrated in accessing my account by this company. I spoke to an extremely rude customer service representative by the name of "Brandy." When I asked to speak to her supervisor - she hung up on me.
Please accept our apologies for your experience in communicating with one of our Customer Service team members. It was not a good representation of the BPAS culture or service expectations. We have addressed the matter with that particular service representative as well as her supervisors and enhanced our training policies as a result. We also looked into the reason for your initial call, and see that you did speak with another representative and had your issue resolved. Please reach out to our IRA team directly at *** if you have any additional questions or concerns. We would like to win back your confidence.
This company provides my job with Health Saving Account Cards. This card is used to pay medical bills. I have $50.00 deducted from my paycheck every two week that goes on this card. I called June 2018 to verify my address because other co workers had received there debit card. There was a mix up with my address. I verified with the rep in June that is was *** that was what they showed as my address. I called back July 13, 2018 because I still had not received my card and I had a doctors appointment coming up. I was told that it was mailed to *** and was returned. The rep said it would be mailed back out to my correct address to allow 7-10 business days to receive it. I called back July 30, 2018 and received the worse customer service, I was left on hold once, disconnected another time the third time I called I asked to speak to a manger. I was then transferred to Kathy *** but the call was disconnected in the transfer. So I emailed<***> letting them know my issue and Kathy R. called me back. I spoke with her about 5:15 pm that day (July 30, 2018) she assured me that my card would go out the next day. I asked her at that time could this be expedited she no because it would cost my company $100.00 I didn't understand that she then said if I did not get it in 7 business days to call her directly at ***. I called her August 10, 2018 twice left messages both times no call back. I went to my Human Resource for assistance because now I've gone to the ER and had to pay out of pocket and get a prescription I paid out of pocket when there is money available on the card for my medical bills that they are not sending to me. The HR lady told me that she reached on Friday to the Benefit contact at BPAS and my card had not been mailed out as of Friday August 10, 2018. I emailed BPAS again this morning August 13, 2018 asking that someone give me a call other than Kathy *** because she is not truthful to her word. I did get a call from Kathy this morning and she left a message that the card was mailed out August 9, 2018. I received a voicemail from Joe *** (maybe misspelled) at 1:10 pm Participant Service Manager telephone number *** stating the card was mailed out August 9, 2018 and he didn't know where my HR department got that the card had not been mailed out Friday August 10, 2018. I'm really frustrated and I feel this has been gone on way too long not to be resolved. This has been a very big inconvenience to me. I did not call either person back because I continue to get the run around there saying it was mailed which I was told that July 13, 2018 & July 30, 2018.
Dear ***:BPAS is a third party administrator engaged by *** to administer the Company's FlexibleSpending Account (FSA) plan (the "*** Flexible Spending Account Plan").As part of our internal procedures to safeguard the security of Participant FSA accounts, we acceptdemographic files from employers for active employee addresses. The file provided by ***contained an incorrect address. As a result, your debit card was sent to the incorrect address andreturned to BPAS with a forwarding address provided by the United States Post Office. Using thisaddress, BPAS re-sent the debit card and this second mailing attempt was never returned to us.However, you subsequently contacted our Customer Service Department and requested a replacementcard. BPAS charges a $5 replacement fee when issuing replacement cards, but in your case we waivedthis replacement fee.We understand that you were dissatisfied with your experience with our Customer Service Departmentand we apologize that your experience was not a better one. We also apologize for the long wait timethat you experienced.At BPAS, we strive to provide superior service to our clients and their employee participants. Weunderstand your frustration and we have verified that you have now received your debit card.If you require any additional information or wish to discuss this matter further, please contact me at
I have been trying to cash out my account for over a year. Finally talked to a person that helped me for a bit and then they hung up. He had my number and knew we were in the middle of solving my problem.
We apologize for the difficulty that you recently experienced in your recent attempt to withdraw yourIRA balance and close your account. For the security of all of our customers, we have developed andfollow very specific procedures when handling changes in a customer's information. We are happy thatwe have been able to resolve the issue for you. As of the writing of this letter, your account has beenupdated and your withdrawal is in process. You should expect to receive a check with the proceeds ofyour account within 7-10 business days.If we can be of additional service, please call our IRA Team at: ***
Sincerely,Sean ***Product Manager
I started receiving *** Savings Plan statements from this company at my home address, but with the last name misspelled. The record shows that a balance was "created" in 2014 and has diminished due to fees ever since. I suspect that I started receiving statements because the balance will shortly go negative and then they will want to charge me. The thing is that, this is NOT my account. I have never been a member of the ***. When I tried to enquire, they wanted my SSN, which I adamantly refused to give to them. I still don't believe that this company is on the up and up.
BPAS, Inc. is a wholly-owned subsidiary of ***. (***). BPAS is primarily in the business ofproviding employee benefits administration and trust services, actuarial and consulting services to customers on a nationalscale. We have been providing administrative services to the referenced *** Saving plan since 2014. Theparticipant information maintained on our recordkeeping platform is/was provided by the plan sponsor or the prioradministrator. Unfortunately, since 2014 a number of different addresses have been reported for the account youreference, including the address listed on your Revdex.com complaint. After receiving your complaint we contacted the sponsorand they confirmed that there is a *** who is an active member in ***, MN and also provided us with anew address for the account. Future statements will be mailed to the new address on file.We sincerely regret and apologize for any confusion caused by this mishap.Please feel free to contact me directly with any questions. I can also provide you with contact information for the plansponsor if you would like to speak with them.
Sincerely,Linda ***SVP, Recordkeeping and Trading Services
I have been trying to get my money out of this company for 3 years now. I have left messages for them, hours of waiting on phone line that never gets picked up or the automated machine asks for a pin number that I was never given. The money was transferred by my previous employer with out my knowledge or permission. The money is now 50% of what it was which I believe is completely because of the exorbitant fees this company charges. I tried to transfer the money directly through another financial manager and they refused to transfer. This company is a scam. You anly have control of your money until you give it to them.
BPAS somehow received access to my wages and took upon themselves to use my wages to gamble with. I never gave them authorization to gamble or invest my money. I was under the impression that the 401(K) was money collected to place into a savings account so that I would have it for my retirement.
So if they are gambling with my money and end losing all my money, it would be I who would suffer. I never gave them permission to use my money to gamble. And now they are telling me they would charge me $50 to close my account and receive "My" money back!
We have received your letter pertaining to the above referenced complain (copy is included into theletter).BPAS provides third party administration services for employers that sponsor qualified retirement plans.Payroll deductions contributed to the retirement plan on behalf of an eligible employee is performed bythe plan sponsor.Mr. Mitchell is an employee of a company that sponsors a Qualified 401(k) Plan which provides forautomatic enrollment and a default investment fund. Eligible employees receive information regardingthe enrollment process, information about the default investment fund and fees associated with planadministration. Each participant has the opportunity to reduce their payroll deduction to 0% at anytimeand also has the ability within 90 days of the first payroll deduction to opt-out of participation byrequesting the return of the deductions that took place in that time period. Additionally, each payrollperiod the employee is notified on their payroll documentation of the amount deducted andcontributed to the 401(k) Plan on their behalf.Investment fund performance as well as Internal Revenue Service and Department of Labor disclosuresare provided on the retirement plan website to which each participant has full access. Once investedthe contributions are subject to stock market fluctuation and administration fees.The necessary action by the participant to make election within the 90 day opt-out period wasn't taken.At this time his account balance may be distributed to him upon his termination from the employer.If you have any questions, please contact me at .Sincerely,Ellen A. P, QPA, QKARegional Consulting ManagerBPAS Plan Administration & Record keeping Services