Account Holders FAQ’s

AUTOROLLOVERS is an IRA service offering of Benefit Plans Administrators, a BPAS company. BPAS is a wholly-owned subsidiary of Community Bank System, Inc. (NYSE: CBU). We have been offering outsourced IRA recordkeeping solutions since 1998.

AUTOROLLOVERS is contracted by Plan Sponsors to establish IRAs on behalf of terminated employees or upon Plan termination. This often occurs when terminated employees fail to respond to distribution notices provided. At the time we establish an IRA, a PIN is issued to allow Account Holders access to their accounts, either via our automated voice response unit (1-800-530-1272) or this website.

Form 5498 is used to report to the IRS; the Fair Market Value (FMV) of IRAs and, any regular or rollover contributions made to IRAs for the prior tax year.  This form is generally mailed in late-May, as we are required to include any contributions made for the prior tax year (which may be made up until mid-April of the next year).

Once account holders actively take control of their account, they can make additional IRA contributions
and diversify their account among the investments offered. Additionally, account holders may choose to
take distribution of their account in cash or in the form of a transfer to another IRA or a rollover to another
employer’s retirement plan.

In addition to offering a superior yielding default investment account holders are offered a diverse menu of
eleven (11) additional mutual funds to select from, should they decide to retain their IRA with us.

Click here for performance information on the MetLife® Stable Value Contract.

Click here for performance information on the other fund offerings

AutoRollovers offers accountholders several benefits that might not be available in the marketplace, in particular to those accountholders with balances less than $100,000.  Some of those benefits include:

• Access to professionally screened and selected investment products,
• Institutional class , low cost investments offered without upfront sales charges nor, back end surrender charges,
• 24/7 account access via our website or automated voice response unit,
• Transfers, account realignments and the ability to schedule automatically recurring account rebalancing – with no transaction costs and,
• Live customer service support between the hours 8:00 a.m. and 6:00 p.m. eastern.

This is the final agreement between the holder of an IRA and the financial institution providing it.  One must sign the document before the IRA can go into effect.  Federal Law also requires we obtain, verify, and record information that identifies each person who has an account with us.  You must provide us with your name, residential address, social security number, date of birth, and your driver’s license number before we will grant access to your account.

If you live in a community property or marital property state (currently: AZ, CA, ID, LA, NV, NM, TX, WA, WI), you must obtain spousal consent in order for your beneficiary designation to be valid.  Depending on the laws of your particular state, you may also need that consent to be notarized by a Notary Public.  

Absolutely not!  We have created the AutoRollovers IRA Program to provide former retirement plan participants a reasonably priced IRA account that they can use to continue to save for their retirement.  We hope you will consider keeping your IRA account with us indefinitely. 

Visit our First Time Visitors page to explore some of the beenfits that we offer.

You may access the appropriate forms in the IRA Resource Center of this website (see links on left).

Required Minimum Distributions are the US Government's way of ensuring that taxes are eventually collected on all tax advantaged retirement savings accounts, including IRAs.  Generally, you must begin withdrawing a portion of your retirement savings the year in which you turn age 70½.  Click the following link for more information on Understanding RMDs.

If you believe that you may be the beneficiary of a deceased AutoRollovers accounthloder, you should start by contact AutoRollovers and provide a copy of the death certificate.  Then you should follow the following link for  information for IRA Beneficiaries.

Fees for services provided are assessed based on account balance as follows:

• Account Balance: Monthly Fee
• Less than $3,000 Account Balance: $5.00 Monthly Fee
• $3,000-4,999 Account Balance: $4.50 Monthly Fee
• $5,000-14,999 Account Balance: $2.50 Monthly Fee
• Greater than $15,000 Account Balance: $1.00 Monthly Fee

User fees are charged for the following services as indicated:

• Withdrawals: $50
• Installment Payments: $50 per year*
• Conversions: $50
• Account Research: $75/hour
• Express check delivery: $35
• Other Services: as quoted, upon request

*Fee is assessed as $50 divided by the payment frequency per year and charged with each payment.

An Individual Retirement Account that provides either a tax-deferred or tax-free way of saving for retirement. There are many different types of accounts within the world of IRAs, depending on the financial goals and situations of each individual, though traditional and Roth IRAs are the most common choices.

You may contribute funds every year you receive IRS-defined compensation until you turn 70. Funds and property from other retirement accounts can also be transferred or rolled over in the new account. You may access the Contribution Form, here.