How do I withdraw money from 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. Are my funds taxable and are there any penalties when I withdraw my funds? Income taxes are imposed for the year of withdrawal.
What is BENCOR special pay plan?
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.
What is US BENCOR?
BENCOR stands as a leading designer and provider of Special Pay Plans and FICA Alternative Plans. BENCOR has saved hundreds of millions of tax dollars for both our employer clients and employee participants through our IRS-approved plans. …
Is BENCOR an investment company?
Bencor Inc operates as an insurance agent. The Company offers consulting and advisory on pension funds and retirement plans. Bencor Inc also provides investment plans for individuals and employer group.
What is FICA retirement?
FICA is an acronym for “Federal Insurance Contributions Act.” FICA tax is the money that is taken out of workers’ paychecks to pay older Americans their Social Security retirement and Medicare (Hospital Insurance) benefits. FICA tax is typically 7.65% of earnings up to $127,200 (2017 figure).
What is FICA retirement plan?
FICA, the Federal Insurance Contributions Act, refers to the taxes that largely fund Social Security retirement, disability, survivors, spousal and children’s benefits. FICA taxes also provide a chunk of Medicare’s budget. Employers match workers’ Social Security and Medicare contributions.
What is a 401a trust?
Section 401(a)(1) provides that a trust or trusts created or organized in the United States and forming a part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of its employees or their beneficiaries is qualified under § 401(a) if contributions are made to the trust or trusts …
What is a FICA alternative plan?
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.
Can you rollover a FICA alternative plan?
Money in a FICA alternative retirement plan can be rolled over into other retirement accounts such as a traditional IRA.