What is bencore?
BENCOR’s Special Pay Plan is an employer-sponsored retirement plan for full-time employees. Under this plan, contributions of accumulated sick, vacation and other leave or incentive pay permanently avoid Social Security and Medicare taxes while deferring income tax until the funds are withdrawn.
What is BENCOR retirement?
The Special Pay Plan from BENCOR represents a significant retirement benefit for governmental and school district employees with accumulated vacation, sick, or other leave pay. Through this mandatory plan, all eligible employees with accumulated Special Pay will have the contributions automatically made into the Plan.
Is BENCOR a 403b?
The BENCOR Special Pay Plan is a retirement program consisting of two parts, the first part satisfying the requirements under Section 401(a) of the Federal tax law, the second part following the dictates of Section 403(b). Together, these two parts are offered by BENCOR, Inc.
What is a 401a special pay plan?
Home/Special Pay Plan. Much like the Employer Sponsored Plan, a Special Pay Plan is a type of an employer-funded, defined contribution retirement plan for full-time employees. A 403(b) or 401(a) retirement plan is designed to handle special forms of compensation in a tax-advantaged manner.
How do I get my money out of BENCOR?
To request a withdrawal, download a Distribution Request Form from www.bencorplans.com. Additional information about income taxes and rollovers is included with the form. Your account is subject to the IRS Required Minimum Distribution rules after you reach age 70 ½, or retirement, if later.
How does a 401a work?
401(a) plans are usually used by government and non-profit organizations. 401(a) plans give the employer a larger share of control over how the plan is invested. An employee can withdraw funds from a 401(a) plan through a rollover to a different qualified retirement plan, a lump-sum payment, or an annuity.
Is BENCOR legit?
BENCOR is an ISO 9001:2008 Certified Contract Manufacturer based in Texas and is a trusted provider of electronics contract manufacturing services to a wide variety of industries and businesses of all sizes.
Is a 401a better than a 401k?
The 401k normally offers an employee the chance to choose from a wide range of investment options, the 401a on the other gives more power to the employer as regards the available investment options they can offer their employees.
What happens to my 401a when I quit?
Generally, 401(a) and 401(k) accounts have similar rollover rules. When an employee chooses to leave their job, they have the option to roll over funds. The employee can choose to roll the account into another retirement plan or take a lump-sum distribution.
What is FICA alternative?
A FICA Alternative Plan is a type of 3121 retirement plan for your seasonal, part-time, and temporary employees that replaces Social Security. Employers avoid the matching 6.2% Social Security contribution, replacing it with an impactful benefit for employees.