General IRA topics
An IRA is an individual retirement account (IRA) that allows you to save for retirement with certain tax advantages. The concept is that you put money into an IRA to have it grow in value so you’ll have money to live on after you retire. Because it’s a retirement account, there are IRS penalties if you withdraw from an IRA before retirement. There are several different types of IRAs, but the most common are traditional and Roth.
With a traditional IRA, contributions are made on a pre-tax basis and may be fully or partially deductible from your personal tax return (depending on your circumstances). Generally, amounts in your traditional IRA (including earnings and gains) grow tax deferred. That means account earnings and contributions are only taxed when you withdraw funds. A Roth IRA allows you to make contributions on a post-tax basis up to a specified amount each year. Because you’ve already paid income taxes on the money you contribute, withdrawals of account earnings and contributions after age 59½ are generally tax-free (other restrictions and exceptions may apply).
The biggest difference between a Roth and a traditional IRA is how and when you get a tax break. The tax advantage of a traditional IRA is that contributions are generally tax-deductible in the year they are made. The tax advantage of a Roth IRA is that withdrawals in retirement are generally tax-fee. It may make sense to have both a traditional and a Roth IRA, depending on your circumstances. A Roth IRA and its tax-free withdrawals may be the most tax-efficient for your cash-back rewards (income restrictions apply). You may need to open a traditional IRA if your income level disqualifies you from using a Roth IRA.
IRARewards account-related questions
No, the BPAS IRARewards program is a merchant-based rewards program, not a credit card reward program. You can collect both rewards simultaneously.
No, the BPAS IRARewards program is not affiliated with a certain credit card or credit card company. The IRARewards program is a merchant-based rewards program.
It’s easy. Just login to your account at bpas.com. You’ll see both your company retirement account and IRARewards listed. Select IRARewards to manage your account online. You can quickly and easily toggle between both accounts.
There is no cost to open an IRARewards account. To enjoy the many benefits of the IRARewards, there is small monthly fee based on your account balance when you start accumulating cash-back earnings.
|Account Balance||Monthly Fee|
|$0 to $9,999||$3.25|
|$10,000 to 19,999||$1.75|
|$20,000 or more||$0|
As with all investment-related plans, there is a Trustee fee of .35%/year ($3.50 per year for every $1,000 invested). 100% of any revenue sharing payments paid to BPAS will be used to offset your account fees. Fees are deducted from your account, so you never have to pay for them out of your own pocket. To minimize account fees, consider consolidating employer-sponsored retirement plan or other IRA balances into your IRARewards.
When you earn $10 or more in cash-back, it will be deposited into your IRARewards. Please note that it may take a day or two for your account to appear at bpas.com after you earn your initial $10.
No, there is no minimum account balance. However, IRARewards won’t appear in your BPAS account list until you’ve earned at least $10 in cash back.
If you have questions please contact BPAS IRA Services at 1-866-401-5272 from 8am to 5pm ET.
Contributions and rollovers
Yes. For 2020, your total contributions to all of your traditional and/or Roth IRAs cannot be more than: $6,000 ($7,000 if you’re age 50 or older), or 100% of your taxable compensation for the year (whichever is less).
Yes. Any cash-back rewards deposited in an IRARewards are contributions and count towards the annual limits set by the IRS (2020: $6,000, $7,000 if age 50 or older).
You will continue to earn cash-back, but because you hit the annual contribution limit, any additional cash back will be held by EvoShare. The cash-back deposits to your IRARewards will begin to flow again the beginning of the following calendar year.
Yes. You may make additional contributions to IRARewards in addition to cash-back you earn (age and income limits may apply, depending on your circumstances). To make a contribution follow the instructions on the BPAS Contribution Form.
Yes, consolidating balances from IRAs and other retirement plans may offer you the most flexibility for your accumulated savings. It’s a savvy way to move money between retirement accounts while avoiding taxes and expanding your investment options. Follow these steps to rollover or transfer a balance to your IRARewards:
- Decide what type of retirement account you want to rollover or transfer (traditional or Roth) and make sure it’s compatible with IRARewards (traditional or Roth). To make sure it’s compatible with your IRARewards account, please review the IRS Rollover chart.
- Contact the institution that hosts the retirement account balance you want to consolidate to let them know you want to implement a direct rollover or trustee-to-trustee transfer to BPAS IRARewards.
- Complete the institution’s paperwork, adding BPAS rollover information. Use the appropriate form below:
Contact BPAS Participant Service Center if we can assist in any way at 1-866-401-5272.
Your contributions default to an age-appropriate target date fund. These funds are professionally managed and designed to provide a simple pre-mixed portfolio based on your age and approximate retirement date. The portfolio’s asset allocation mix becomes more conservative as you get older and your targeted retirement date approaches. To change how your contributions are invested, login to IRARewards at bpas.com and make a Fund Election change.
Because you’re responsible for tracking and reporting the deductible and/or nondeductible contributions made to IRARewards, we’ve created an electronic ‘file cabinet’ to help you track them. To access the handy file cabinet, log into your IRARewards account via bpas.com, then select the Resource Center tab and look for the BPAS Contribution tracker (be sure to save your changes each visit).
EvoShare and earning rewards
Yes, the EvoShare app is available in both the App Store (Apple) and Google Play Store (Android). Login with your EvoShare user name and password, and you can shop online or find local shopping or dining to earn cash-back rewards towards your retirement.
EvoShare expects the Safari browser extension to be available December 2020. In the meantime you can download the EvoShare app to facilitate local and online shopping, earning cash-back rewards. Be sure to link your cards in your account at Evoshare.com for local shopping.
The Firefox browser extension is expected to be available December 2020. In the mean time you should download the EvoShare app to facilitate local and online shopping, earning cash-back rewards. Be sure to link your cards in your account at Evoshare.com for local shopping.
Yes. BPAS passes 100% of the cash-back reward amount to the account owner.
Yes. You can access your EvoShare dashboard directly from your BPAS account without re-entering your credentials. Just login to your account at bpas.com and select IRARewards from your account list. In the menu on the left, choose Manage EvoShare Account to access your EvoShare dashboard.
Every time you earn cash-back, you’ll receive an email from EvoShare notifying you of the amount earned. You can also check your earned cash-back in the My Cash-back section of your EvoShare dashboard. Your cash-back earnings will automatically be deposited into your IRARewards each month.
If you don’t see your cash-back, please visit the My Cash-back section on your EvoShare dashboard to complete, and submit a Where’s my Cash-back? form. If you have questions about the cash-back you earned, please review the EvoShare FAQs
EvoShare will periodically email you with friendly updates and shopping recommendations. Here are a few subjects EvoShare may send: a welcome email, periodic updates with cash back amounts earned, apprising you on your $10 initial cash-back threshold, as well as online and local shopping recommendations.