Depending on the type of withdrawal, fees, taxes and/or penalties may be assessed by BPAS and/or the Internal Revenue Service.
Please reference additional account documentation for specific details prior to initiating a withdrawal and consult with your accountant and/or financial advisor. If you have further questions, please contact BPAS Participant Services, 1-866-401-5272.
Individual Retirement Account (IRA):
Withdrawal options:
- Transfer/Rollover to another IRA
- Rollover to an employer sponsored retirement plan (not applicable for Roth IRA)
- Rollover to an annuity
- Direct Pay to account holder
Withdrawal amounts:
Lump sum:
Entire account balance. You may direct your withdrawal to two separate payouts. For example, $x as a rollover with the remainder payable to you.
Partial:
A one-time amount that you specify. Should you need additional assets, you would submit another withdrawal request.
Installments:
A set dollar amount paid at a regular frequency. Payments will continue until you update your withdrawal amount or until account is depleted. Should you pass away, installment payments will cease; your beneficiaries will be provided with withdrawal options based upon their relationship.
Employer Sponsored Retirement Plans:
Your account will display only the withdrawals that you are eligible for at that point in time. Please reference additional account documentation for specific details. If you have further questions, please contact BPAS Participant Services, 1-866-401-5272.
Withdrawal Types:
Review your Plan’s Summary Plan Description for additional details for any other optional withdrawal types offered.
Retirement/Termination of Employment:
To initiate a retirement or termination of employment withdrawal, your employer first needs to provide the termination date to BPAS on or after your last date of employment. Due to payroll structures and/or additional contributions, your termination date might not generate in the system until a few weeks after your last day of employment. If a termination date has not been provided for more than 30 days, contact BPAS Participant Services and we will contact your employer to update.
Death:
Periodically review your beneficiaries for accuracy. Completed beneficiary information, including valid contact information and Social Security numbers, will allow a smoother withdrawal process.
In-Service Withdrawals of Rollover Monies:
Assets rolled over from a previous account may be withdrawn from your BPAS account at any time.
Required Minimum Distributions (RMD):
RMDs are government-mandated distributions based upon account owner’s age, employment status, ownership in company and amount of other withdrawals in the year. If applicable, you will be notified via mail annually.
Hardship Withdrawals:
Per IRS guidelines, documentation of the financial hardship may be required prior to issuance of the withdrawal. Please review the Hardship Distribution Form for more information regarding documentation. Tax withholding rules and/or penalties may apply. For details of what documentation may be required to be submitted, or what you should retain in case of audit, reference information may be found within the hardship withdrawal question in our FAQs. Optional withdrawal type; may not be available from all plans or all plan sources.
Age-Based In-Service Distributions:
If permitted, these withdrawals will appear as an option as long as you are of age. The most common starting age is 59.5 years old. Optional withdrawal type; may not be available from all plans or all plan sources.
Withdrawal options:
- Rollover to IRA
- Rollover to another employer sponsored retirement plan
- Rollover to an annuity
- Direct Pay to participant
Withdrawal amounts (based upon plan provisions):
Lump sum:
Entire account balance. You may direct your withdrawal to two separate payouts. For example, $x as a rollover with the remainder payable to you.
Partial:
A one-time amount that you specify. Should you need additional assets, you would submit another withdrawal request.
Installments:
A set dollar amount paid at a regular frequency. Payments will continue until you update your withdrawal amount or until account is depleted. Should you pass away, installment payments will cease; your beneficiaries will be provided with withdrawal options based upon their relationship.