PrePlan & NYSFDA: Partners in Success
As you know, New York State law allows preneed funeral trust administrators to receive an administrative fee of up to 75-basis points. With the successful implementation of the Preneed Trust Accountability Act (a top legislative priority for NYSFDA and PrePlan in 2019 and signed into law in December 2019), funeral directors are also allowed to receive a portion of the 75-basis point administrative fee.
In immediate response, in 2020 PrePlan Funeral Trust rolled out our Patronage Program. This program is designed to recognize our participants for the administrative time required to create and maintain accounts.
We’re currently in our 4th year of recognizing our firms with this program. Based on the calendar year 2023, PrePlan determined participants’ average annual quarterly fund balance. Based on that dollar value, participants earned up to 25 basis points patronage*. The patronage was distributed via check at the end of March.
You may be wondering what PrePlan does with the remaining basis points. Unlike our competitors, we’re proud to share we reinvest these funds directly into the Association and its membership programs. Thanks to funds generated through the PrePlan Funeral Trust, NYSFDA members receive valuable benefits:
- the ability to attend the Annual Convention free of charge
- access to complimentary monthly webinars
- governmental affairs outreach
- communication and information sharing through the robust website, regular email communication, social media platforms and more
- compliance guidance and support.
Additionally, PrePlan invests in a state-of-the-art office building with the ability to host leadership and educational events, cutting edge technology designed to increase efficiency and convenience, knowledgeable and experienced staff available to support members, and so much more.
We’re proud to support you and your honorable profession for more than 35 years! Thank you for your trust and confidence. We’re here for you and thanks to our relationship with NYSFDA, will continue to support and advocate for you and the families you serve!
* Those firms who opted out of receiving a Patronage check in the past will not receive one this year.