Benefit Plans Administrative Services, a subsidiary of Community Bank System, has acquired the Philadelphia division of Alliance Benefit Group-MidAtlantic from BenefitStreet.
Alliance Benefit Group-MidAtlantic provides retirement plan consulting, daily valuation administration, actuarial and ancillary support services.
Benefit Plans Administrative Services (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 on a national scale, from offices in New York, Pennsylvania and Texas.
The acquisition will give BPAS revenues approaching $30 million, administration of over 200,000 defined contribution and flexible spending participant accounts, more than 300 actuarial engagements, and custody of nearly $4 billion in retirement plan assets.
Mark Tryniski, CEO of Community Bank System, said: This transaction represents a very attractive opportunity for us. Our employee benefits administration business continues to be the fastest-growing of all our financial services businesses, and plays a significant role in our overall growth and diversification strategy.