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Employee Prevailing Wage Plan Benefits title Individual Retirement Account (IRA) Rollover Options

Open Your DBPP IRA Now!
IRA Account Opening Paperwork
IRA Custodial Agreement and Disclosure

Keep your Retirement Savings working for its Intended Purpose!

Davis Bacon Pension Plans, Inc. has contracted with AutoRollovers to provide participants with an easy, cost effective IRA Rollover option.

In order to encourage participants to continue to save and invest for their future, we offer you the Davis Bacon Pension Plans, Inc. AutoRollovers IRA. Benefits of rolling over your retirement plan balance to an IRA include:


Retain tax advantages. AutoRollovers IRAs can maintain the same tax benefits for your retirementsaving s. A Traditional IRA gives your money the potential to keep growing tax-deferred. A Roth IRA — like a Roth account in a 401(k) or 403(b) — can provide tax-free growth potential and tax-free withdrawals.

•  Avoid taxes and penalties. By not cashing out, you won't have to pay taxes and/or early withdrawal penalties. For more on the potential tax consequences, review our piece on Save It or Spend It.

•  Gain control. AutoRollovers IRAs aren't generally subject to as many rules and restrictions as retirement plans. You'll have more access to your money.

•  Keep saving. We would encourage you to continue saving with contributions to your AutoRollovers IRA. However, income limits may apply for Roth IRAs. The maximum amount is $5,000 for 2011. If you're 50 or older, you can contribute up to $6,000 for 2011. Of course, you don't have to roll over money to open an IRA.

Additional Considerations


Make it a direct rollover. The money should go directly from your old plan's trustee to your AutoRollover IRA. Make sure the rollover funds don't come to you to avoid mandatory income tax withholding!

•  Are you rolling into a traditional IRA or a Roth IRA? If you are not sure, rollover into a Traditional IRA now and consider converting to Roth in the future.

Both types of IRAs give you tax-advantaged growth potential. When you make withdrawals from traditional IRAs, the money is taxable. With Roth IRAs, you already paid taxes on money going in, but qualified withdrawals, including earnings, aren't taxable.

Money in a Roth 401(k) or 403(b) account can be rolled into a Roth IRA. Non-Roth accounts can be rolled into a traditional IRA or Roth IRA. Rollovers to Roth IRAs from non-Roth accounts are taxable in the year of the rollover.

•  Indirect rollovers are subject to withholding. If you request a cash distribution, you can still initiate a rollover. However, 20% of the taxable portion of your distribution is withheld from your distribution for income taxes. You must then roll over the money into an IRA within 60 days of receiving your distribution if you want to keep the tax benefits. If you replace the withholding with your own money — you'll get the withholding back from the IRS when you file your taxes — you can roll over your entire account value. If you don't replace the amount withheld, it will be considered a distribution subject to taxes and possible penalties.

Bottom line: Use the link on the left of this page to open your AutoRollovers IRA, then elect a direct rollover from your plan account!
  Phone: 425 889 8855
  Hours: 7:00AM – 3:30PM PST
  Fax: 425 827 1987
  Email: dbpa@davisbacon.org