BPAS, a national provider of retirement plans, benefit plans, fund administration, and collective investment trusts introduced IRARewards, a breakthrough solution to retirement saving. It’s a first of its kind Individual Retirement Account (IRA) funded with cash-back earned by shopping at thousands of participating merchants across the nation.
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IRARewards pairs a traditional or Roth BPAS IRA with the EvoShare cash-back solution. EvoShare’s proprietary system turns a percentage of every dollar spent at more than 13,000 local and online stores, restaurants, and other merchants into IRA contributions. EvoShare provides employees with a “set it and forget it” experience where they can spend as usual at participating businesses and receive up to 20% cash back toward retirement. It’s a new, easy, automated way to save for retirement.
“When research showed that 27% of Americans have less than $25,000 saved for retirement, we knew we had to do more,” said Barry Kublin, BPAS CEO. “IRARewards answers the call. It’s a safe, easy way to get employees saving for retirement without hitting their already over-stretched paychecks or budget. We’re pleased to be able to help so many Americans achieve retirement readiness in such a simple way.”
“For too long, employees have only relied on their paycheck to save for the future. Now, they can use both their earnings and their daily spending to grow their nest egg,” said Eugeny Prudchyenko, CEO of EvoShare. With BPAS, we’re able to deliver a one-of-a-kind experience for retirement savers and the retirement industry. Together, we can help millions of American workers achieve their retirement goals.”
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IRARewards participants enjoy a single sign-on to their BPAS IRA and any other BPAS account, including their 401(k), health savings account, and VEBA HRA, and EvoShare to manage their accounts. The IRA experts at BPAS take care of the account opening, servicing, questions, funding, and investing.
Participants simply download the Evoshare browser extension and/or securely register their existing credit card(s) to EvoShare using a personalized hyperlink. There is no need for a separate credit card account to get IRARewards. The cash-back earned with IRARewards is in addition to any other credit card incentives; it doesn’t replace them. Participants simply shop and dine as usual at participating merchants. Cash-back earnings are automatically deposited into their BPAS IRA each month.
“It’s truly free money invested into an IRA,” added Brian Douglas, VP, BPAS IRA Services. “It’s like participating merchants are giving people money-off for shopping with them. But, the money they save goes into an IRA. It’s a brilliant way to turn every day spending into generous cash-back rewards and painlessly boost retirement savings. I really think IRARewards is going to be a game changer in the retirement industry.”
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