BPAS Makes Patent and Software License Agreement with Access Control

September 28, 2011 (PLANSPONSOR.com) - Benefit Plans Administrative Services, Inc. (BPAS) announced it has signed a patent and software licensing agreement with Access Control Advantage, Inc. (ACA).
“ACA’s patented solution for non-payroll deduction retirement plan loan administration eases the burden for recordkeepers and plan sponsors while providing a better loan solution for plan participants,” says Bruce Bent II, ACA President and CEO. “By providing terminated participants the ability to pay their loan over the original term, we can significantly reduce the incidents of loan defaults and leakage from participants who change jobs.”

BPAS has been using the ACA product for eight years. By acquiring the licensing agreement, BPAS will bring the administration of its own book of non-payroll deduction loans in-house. In addition, BPAS will market its service bureau capabilities to other SunGard Relius and Omni recordkeepers who elect to offer this loan product to their own clients.