Products September 28, 2011
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).
Reported by Nicole Bliman
“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.