BPAS, a national provider of administration, actuarial, consulting and institutional trust services to benefits plans in the U.S. and Puerto Rico, has acquired the daily valuation-defined contribution (DC) plan administration practice of Lifetime Benefit Solutions (LBS), a subsidiary of Lifetime HealthCare Company.
When the transaction is complete, BPAS will administer more than 3,700 plans with 390,000 participants, and provide trust services to $19 billion in assets, and will generate more than $48 million in annual revenue, the firm said in a statement. A previous acquisition in 2013 gave the firm $13.5 billion in assets under custody.
BPAS employs 250 professionals and provides retirement plan administration, actuarial and pension, health care consulting, VEBA/HRA, collective investment fund administration, and other employee benefit trust services on a national scale from offices in four states and in Puerto Rico.
According to Barry S. Kublin, chief executive of BPAS, the transaction is part of its strategy of growth through organic expansion and acquisitions. The organization’s employee benefits administration business continues to expand its national footprint and diversify its service offerings.
More information is at the firm’s website.