Blue Ridge ESOP Associates Industry News

On May 27, 2020 the DOL published new safe harbor regulations for plan administrators to electronically deliver required disclosures to retirement plan participants and beneficiaries. This new safe harbor was put into place to take advantage of constant technological changes and to ease administrative challenges and costs. These new regulations do not replace the 2002 safe harbor, they simply provide an alternative method for providing notices using electronic media. Plan administrators have flexibility when selecting which option would work best for their participants and beneficiaries.

Blue Ridge ESOP Associates (“Blue Ridge”) is pleased to announce it has acquired Benefit Concepts Systems, Inc. (“Benefit Concepts Systems”). The acquisition allows Blue Ridge to continue as the leader in ESOP and 401(k) administration and assist a larger client base in effectively managing their plans. The acquisition bolsters Blue Ridge’s efforts to grow through strategic acquisitions and partnerships in the ESOP and 401(k) markets.

Wisconsin Senator, Ron Johnson (R),  who previously worked for an employee-owned company would like to "link government assistance with employee ownership". Read more here: https://www.nceo.org/employee-ownership-blog/us-senator-says-link-employee-ownership-government-aid

As a mature company delivering essential services to clients like you, we have long had a plan in place for dealing with issues such as this pandemic. Under normal business conditions, over 60% of our employees work from remote locations outside of our headquarters in Charlottesville, VA.  When the governor of Virginia executed the Shelter at Home due to the COVID-19 pandemic, the majority of our remaining office staff had already transitioned to work remotely from home.  The limited number of employees remaining in our home office are essential to handle physical office-based operations such as handling of incoming and outgoing mail. 

This week, DAI celebrated their company's 50th year in living out their mission, "to make a lasting difference in the world by helping people improve their lives."  Even today, they are on the frontlines worldwide working with the pandemic preparedness and response to Covid-19. Congratulations, DAI, for fifty successful years!

During this pandemic season, ESOP companies are making a difference, and Blue Ridge wants to recognize those companies and their impact.

Blue Ridge ESOP Associates was founded on principles of accuracy, integrity, and exceptional client service. We are also committed to continual improvement. Our dedication to doing what is best for you, our clients, prompted us to engage CEFEX, the Centre for Fiduciary Excellence, LLC to audit our processes. In 2011, Blue Ridge was certified for adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers.

The ESOP Association is diligently working in Washington on behalf of all ESOPs.  Below is the information that they shared to all of their members* today.

During this pandemic season, ESOP companies are making a difference, and Blue Ridge wants to recognize those companies and their impact.

Blue Ridge ESOP Associates is pleased to be participating in the NCEO 2020 Virtual Annual Conference this week. If you did not register for the original live conference, you can still register here. This is an excellent opportunity to have your employee owners attend a highly reputable conference, as it offers  plenty of sessions that fall under four categories: Basic ESOPs, Beyond the Basics, Leadership & Governance, and Communications & Culture.