Mission Statement
To provide operational support to an employer’s human resources function to assist in offering a competitive benefits program to their employees. Our support services will include plan design, enrollment, administration, participant recordkeeping, and cash management for specific programs within the cafeteria plan.
Internal Objectives
To sustain a working environment whereby BSI Administrative Services (“BSI Admin”) can demonstrate that our employees CARE about personal growth, professional growth, and demonstrate a desire to provide the teamwork needed to help build the business. We must have the operational capacity to support employers of any size, making sure that program objectives are met, not constrained by operations. We need to differentiate our customized services and specific expertise from larger competitors by focusing on enrollment and administration for employers with less than 250 employees and be able to cost effectively deliver our services to small companies (less than 20 employees).
Background Information
BSI Administrative Services was formed in 1988 when Allan Amer left Citicorp Insurance Services and was allowed to move his business, Citi-Payroll Deduct Services. He joined with his partners and fellow CPA’s Carlos Naudon and Mark Villamar who had been managing Banking Spectrum Inc. for over 10 years. Banking Spectrum provides support to New York and New Jersey banks which include providing services for defined contribution plans (primarily 401k, IRA, and Keough plans) offered to the banks customers.
In 2009, BSI Admin is supporting almost 100 plans serving some 65 employers with over 5,000 employees. Banks, law firms, accounting firms, educational institutions, healthcare organizations, manufacturers, insurance agencies, and not-for-profit organizations are included in the diversified client array. These employers include a few large publicly traded companies, but the predominant market focus is on the small market. In association with the NPCC, we also support not-for-profit members which include organizations with less than 5 employees. Since 1994, BSI Admin has not used an internal sales force as growth has come from client referrals and referrals from benefits consultants, insurance agents and CPA’s.
Allan J. Amer, CEO
Allan who is the majority owner of member BSI Administrative Services
is has been a member of the American Institute of Certified Public Accountants since 1972, had been with Price Waterhouse & Co and has received a certificate of achievement in Financial Planning. He holds BA and BS degrees
from SUNY at Stony Brook and MBA degrees in finance and accounting
and from the New York University Graduate School of Business. He
was also an adjunct faculty member at the Pace University and Molloy
College. He has also been a speaker on various cost accounting topics
with the NABCA (National Association of Bank Cost Analysis).
He formed BSI Administrative Services after having served as Business
Manager for Citi-Payroll Deduct Services a division of Citicorp
Insurance Services. His accounting, cost accounting and operations
skills were developed in various Controller positions with Citibank,
Citicorp Legal and External Affairs, and as CFO of Citicorp Insurance
Services. He also has experience in the healthcare industry as CFO
of Patient Technology, Inc and which is involved with medical supplies
and technology and Techlease, Inc. which was involved with the leasing
of medical equipment.
Reliable Service
BSI Administrative Services (BSI ADMIN) will assign an Account Manager who will coordinate a team of specialists to support the “Flex Plan” (a Flexible Spending Arrangement, as qualified under Section 125 of the Internal Revenue Code), the "TFA Plan" (a Transportation Fringe Account, as qualified under Section 132 of the Internal Revenue Code), and can provide limited assistance with your Defined Contribution Plans (401K or 403B Plans) by:
- Assisting you in plan design to coordinate these optional benefits as part of a comprehensive employee benefits package.
- Working with your administrator to review the 401K or 403B Plans, looking at plan design and employee communications towards improving discrimination testing results.
- Providing plan documentation to be reviewed by your legal counsel.
- Coordinating the processing start-up for the payroll deduction(s).
- Preparing enrollment materials, including: forms and their instructions, to communicate the options available to employees, as well as confirmation letters to advising participants of their annual elections
- Conducting on-site enrollment including group orientation sessions followed by confidential, one-on-one counseling.
- Providing each participant with the appropriate forms to plan the annual election, authorize payroll deductions, change the payroll deduction election, and submit claims for reimbursement.
- Providing the forms and related instructions for claims processing so as to meet the IRS claims substantiation standards.
- Providing participants with periodic statements of their account(s) showing amounts elected, amounts reimbursed, and balances not yet claimed; including a special “use it or lose it” reminder to applicable participants prior to the Plan year-end.
- Providing periodic management control reports including: a recap of employee participation, a check register, a collections ledger, and assisting in the payroll reconciliations.
- Providing confidential, daily support via a customer hotline, FAX or E-mail.to answer employees questions about the Plan rules, enrollment, claims processing, or account details.
- Providing a “No Obligation Guarantee.” That is, after enrollment, if for any reason, an employer does not want to go forward with the implementation, then there is no cost and our service agreement is simply cancelled.
We guarantee that you will be satisfied with our full service approach to assist you in the planning, implementing, administration, enrollment, and cash management for your Plan.
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