The BPAS Advantage for Plan Sponsors
BPAS AutoRollovers is a no-hassle IRA for former participants who are subject to a mandatory distribution. A no-cost, streamlined account set-up process saves time and money. Plus, the entire distribution process is fully automated for plans on the BPAS platform.
AutoRollovers offers several benefits:
- We provide a distribution package to terminated participants who will be subject to mandatory distribution.
- After 60 days, we perform an AutoRollover to an IRA product for any participant who didn’t elect a distribution.
- Participants receive a Welcome Letter providing them with information on accessing and taking advantage of their new IRA account.
- No fees for the plan sponsor.
- Works with all platforms.
- Online IRA reporting, monitoring, and 24/7 account access.
- Simplified plan sponsor agreement.
- Eliminates future disclosure requirements for distributed accounts.
- Safe-Harbor compliant.
AutoRollovers makes it easy for plan sponsors to manage mandatory distributions. Choosing AutoRollovers helps:
- Delay requirements to filing as a large plan.
- Accelerate access to forfeiture dollars.
- Avoid tedious required disclosures to terminated participants with smaller balances.
- Minimize the likelihood of having “missing participants” in the case of plan termination.
- Reduce administrative costs based on the number of participants, including PBGC premiums.