Body
Part-time, seasonal and temporary employees not covered under the Florida Retirement System are eligible for the FICA Alternative. This plan provides an alternative benefit to Social Security and exempts employees from FICA (Social Security) payroll taxes. Employees continue to pay Medicare taxes on their wages. Enrollment is automatic for employees who work in a position covered by the Plan. Employees contribute 7.5% of their wages on a pre-tax basis (for income tax purposes) instead of paying Social Security taxes that otherwise would be determined and paid by employees on an after-tax basis.
Key Features of the Plan are:
- Eligible employees are automatically enrolled in the Plan.
- Eligible employees make a 7.5 % pre-tax contribution into a retirement account in their name
- All contributions permanently save Social Security taxes.
- Income taxes are deferred on contributions to the plan until employees withdraw the money.
- Contributions are 100% vested to you.
How Do Employees Access their Account and View it Online?
- Go to www.bencorplans.com
- Click on Participant Login
- Select state, county and employer then click on Log In
- Enter social security number as the User ID and the last four digits of social security number as the Password
- Select Participant from the drop down and Login and follow the prompts to create personalized security questions, user ID and password
How is My Account Invested?
The Plan offers different investment options for employees to choose from. If employees do not choose investment options their account will be invested automatically in the guaranteed option. It is very important for employees to log in to their account at: www.bencorplans.com as soon as possible to obtain information about the available investment options and choose the options that are appropriate for their own objectives and preferences.
Bencor's Customer Service Telephone Number: 1-866-296-9712
If, after speaking with the Bencor Customer Service staff and reviewing the flyers, employees have more detailed questions about the Bencor Account, please contact Bencor’s local representative for HCC, David Ellis. His contact information is 813-449-4344, dellis@bencor.com