Background

Mandatory Distributions
Effective March 28, 2005, Qualified Retirement Plans that contain provisions for mandatory distributions are required to roll forced distributions between $1,000 and $5,000 into an Individual Retirement Account (IRA) on behalf of the Participant. Our solution fully complies with these new requirements.

Lost Participants
For terminating Defined Contribution Plans, the DOL has advised that plan fiduciaries can transfer individual retirement plan assets to individual retirement accounts (IRAs) if, after taking all prescribed steps to locate the owner, the owner cannot be found.

These prescribed steps include checking other employer plans and using either IRS or SSA letter forwarding programs. In addition, employers must attempt to reach the individual via certified mail and/or check with a designated plan beneficiary for the individual's whereabouts.

AutoRollovers Services

For TPAs who wish to offer their clients an easy to administer solution to the Automatic Rollover requirements of EGTRRA.  Our solution is compliant and cost effective.

For Plan Sponsors whose service provider does not offer a solution, BPA is able to assist in complying with the Automatic Rollover rules.

As an open architecture recordkeeping firm, BPAS is able to custom-build a Rollover IRA solution that will allow you to retain assets in proprietary funds and brand the account holder experience, if desired.