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Retirement plans
Payroll Deduction IRA
An easy option to help employees save for retirement.
Power IRA plans with Invesco expertise
The Invesco Payroll Deduction IRA is a hassle-free and cost-effective retirement solution suitable for employers of all sizes. Whether you're implementing a new retirement plan or supplementing an existing one, this program enables employers to effortlessly submit IRA contributions on behalf of their employees. By establishing a plan with us, you gain access to investment excellence, valuable resources, and powerful tools to help participants get more out of retirement.
Plan benefits and how to get started
The Invesco Payroll Deduction IRA is a retirement solution that allows employers of any size to contribute to employee IRAs while offering access to our investments and resources.
- Satisfies states that mandate retirement plans.
- Helps to attract and retain employees.
- Charges no employer costs for the plan set-up, administration, or contributions.
- Administers in a simple way
- Payroll contributions are submitted via Invesco Contribution Manager.
- No fiduciary liability.
- No government testing or reporting.
- Automatic savings for retirement via a traditional IRA, a Roth IRA, or both.
- No eligibility requirements.1
- Flexibility to change/discontinue contribution amounts at any time.
- Option to submit their own additional contributions to their traditional or Roth IRAs.2
- Convenient online account management through invesco.com/us.
- Explain, sell, and implement the plan easily. Complete a Payroll Deduction IRA Employer Application for employers and Payroll Deduction IRA Account Application for employees.
- Support and manage clients efficiently with Invesco Client Account Access.
- Select from share classes A, C, and R.
- Gain potential access to highly compensated employees.
- Complete a Payroll Deduction IRA Employer Application for employers.
- Complete a Payroll Deduction IRA Account Application for employees.
- Review Invesco Payroll Deduction IRA Participant Guide.
An annual retirement account maintenance fee of $25 is paid by the account holder for balances under $50,000. The fee is waived for balances of $50,000 and over.3
Plan resources
| Item name | Description |
|---|---|
| Retirement Account Transfer/Rollover Form | Use this form to transfer or rollover eligible retirement assets to an Invesco Traditional, Roth, SEP, SIMPLE, or SARSEP IRA, convert assets from another custodian to an Invesco Roth IRA, or to transfer a beneficiary IRA. |
| Invesco Investment Allocation Change Form | Use this form to change future investment allocation percentages to an existing Invesco Retirement Plan Account. |
| Beneficiary Designation Form | Use this form to designate or modify the beneficiary(ies) on your Invesco IRA (including Traditional, Roth, Sep, SARSEP and SIMPLE), 403(b) or Optional Retirement Program (ORP) account or an account with transfer on death (TOD) registration. |
| IRA Required Minimum Distribution (RMD) Form | Use this form to request an RMD or change an existing periodic RMD from your Invesco IRA. |
| Removal of Excess Contribution Form |
Use this form to request the removal of an excess contribution and any attributable earnings from your Invesco IRA. |
| IRA One-Time Distribution Form | Use this form to request a transfer or distribution from a deceased account owner's IRA or a distribution from an existing beneficiary IRA. |
| Item name | Description |
|---|---|
| Retirement Plan Transmittal Form | Use this form to submit retirement plan contributions. |
| IRA Beneficiary Transfer/Distribution Form | Use this form to request a transfer or distribution from a deceased account owner's IRA or a distribution from an existing beneficiary IRA. |
| IRA Account Options Form | Use this form to add or update bank information, systematic options, or telephone privileges on your Invesco Traditional, Roth, SEP, SARSEP or SIMPLE IRA. |
| IRA Periodic Distribution Form | Use this form to request periodic distributions, establish a series of substantial equal periodic payments (SEPPs). |
| IRA to Invesco Roth IRA Conversion Form | Use this form to convert assets from an existing Invesco Traditional, SEP, SIMPLE, or SARSEP IRA to an Invesco Roth IRA. |
| Traditional or Roth IRA Recharacterization Form | Use this form to recharacterize current or prior year IRA contributions (Roth IRA to Traditional IRA or Traditional IRA to Roth IRA). Conversion contributions are not eligible for recharacterization. |
| Payroll Deduction IRA Transmittal Form | Use this form to submit payroll contributions for current tax year to an employee's Traditional IRA, Roth IRA, or Coverdell Education Savings Account (Coverdell ESA). |
| Self-Certification for Late Rollover Contribution Form | Use this form to certify the reason(s) you were unable to complete the rollover within 60 days of receipt of the distribution. |
| Invesco Contribution Manager Access Form | Use this form to gain user access to Invesco Contribution Manager (ICM), terminate user access, and add or modify the bank account used for submitting contributions. |
For help and support
Login for Client Access
Designed to help you better manage your direct-held clients with Invesco.
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Client Account Access Demo
Created to give you an overview of available tools to help you service your clients more efficiently.
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Contact Client Services
Speak with a Client Services representative for account assistance, Monday through Friday, from 7:00 a.m. to 6 p.m. CT.
Call us at 800 959 4246
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Contact a Sales Consultant
Speak with a sales consultant for account assistance, Monday through Friday, from 7:00 a.m. to 6 p.m.
Call us at 800 998 4246
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Frequently asked questions
A payroll deduction IRA is a retirement savings account that allows employees to contribute a portion of their income directly from their paycheck into an individual retirement account (IRA). The employer may choose to offer a traditional IRA, a Roth IRA, or both. It's a convenient way to allow employees to save for retirement through automatic contributions.
In order to establish an Invesco Payroll Deduction IRA, the following forms are required:
- Payroll Deduction IRA Employer Application
- Payroll Deduction IRA Account Application – completed by employees
- Payroll Deduction Election for IRA – completed by employees
Employees who receive a paycheck and are at least age 21 may establish an Invesco Payroll Deduction IRA.
Employees who want to participate in an Invesco Payroll Deduction IRA must do two things:
- Complete a Payroll Deduction Election for IRA form to instruct their employer how much to be withheld each pay period.
- Complete a Payroll Deduction IRA Application form.
The employer may choose to offer employees to contribute to a traditional IRA, a Roth IRA, or both.
There are differences and similarities to both. See the comparison chart for details.
Generally, the most that can be contributed in 2025 is $7,000 if under age 50. At age 50 an additional $1,000 can be made in catch-up contributions. Amounts contributed to an IRA will vary depending on the participant’s adjusted gross income.
Yes, contributions can be made to a nondeductible traditional IRA.
Yes, distributions at age 59 ½ can be made for any reason. Distributions prior to age 59 1/2 may be subject to taxes and a 10% penalty unless an exception applies. Common exceptions include first-time home purchases and certain educational expenses. For additional information, please refer to IRS Pub 590-B.
Yes, the employee must complete the Payroll Deduction Election for IRA form to modify or pause contribution amounts.
The annual administration fee is $25 for each IRA account with a balance under $50,000. The fee is waived if the account balance is $50,000 or more. Other accounts directly held with Invesco can be aggregated to achieve the fee waiver.
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