BPAS Expands Benefits Administration Business

October 25, 2011 (PLANSPONSOR.com) - Community Bank System, Inc., through its Benefit Plans Administrative Services, Inc. subsidiary (BPAS), has reached a Definitive Agreement to acquire CAI Benefits, Inc., a provider of retirement plan administration, actuarial, flex, and benefit consulting services with offices in New York City and Northern New Jersey.

A press release said the acquisition will give BPAS a profile of revenues in excess of $36 million, administration of over 225,000 defined contribution and flexible spending participant accounts, more than 650 actuarial engagements, and custody of $6 billion in retirement plan assets.    

BPAS, through its three principal subsidiaries (BPA, Harbridge Consulting Group, and Hand Benefits & Trust Company), provides daily valuation, actuarial and employee benefit consulting, cafeteria plan and institutional trust services, from offices in Utica and Syracuse, New York; Pittsburgh and Philadelphia, Pennsylvania; Houston, Texas; and Chicago, Illinois.    

Barry S. Kublin, President of BPAS said in the announcement: “In addition to CAI’s core services, we look forward to expanding our daily valuation, health care consulting and collective investment fund (CIF) administration businesses in this key market.  

More information about BPAS is at http://www.bpas.com.