PCS FICA Alternative Plan through Bencor

  • The PCS FICA Alternative Plan is a qualified retirement plan which covers all part-time, seasonal, temporary and substitute employees. Enrollment in the plan is automatic for everyone who works in a position covered by this plan.

    Employees will contribute 7.5% of their wages on a pre-tax basis, instead of paying social security taxes. Contributions are credited to an individual account in the employee's name.

    For Additional Information on the FICA Alternative Plan, Please Click the Links Below:
    FICA Alternative Plan - Frequently Asked Questions
    FICA Alternative Plan - Welcome Kit       (updated September 2023)  
    FICA Alternative Easy Access Flyer
    Bencor - Financial Wellness Website
    FICA Alternative Plan Video

     

    Distribution of Your 401A Special Pay Plan

    Your account is always 100% vested and belongs only to you. The balance of your account is available for withdrawal at any time after your termination of employment.  In the case of your death, the beneficiary, or beneficiaries you name under the Plan will be able to withdraw your account balance.   Funds may be withdrawn in one or more cash distributions, which are taxable for the year of withdrawal, or in the form of a direct rollover to an IRA or other eligible retirement plan, which results in continued deferral of your income tax obligation. 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?  As described above, income taxes are imposed for the year of withdrawal. Income taxes are deferred in the case of a rollover to an IRA or other eligible retirement plan, although rollovers to a “ROTH” IRA are currently taxable.   There also is a 10% IRS penalty on withdrawals from the 401(a) or 403(b) part of the Plan unless taken after your retirement and you are at least age 55 in the year that you retire.

    To be eligible to receive funds from your FICA Alternative account, you must terminate your substitute or temporary position.  You must complete a Resignation/Retirement form if you are still considered active with Pinellas County Schools and a Distribution or Direct Rollover Form.  There are several options available to you.  You may:

    1. Receive your funds from Bencor in the form of a check. To do so, select "distribution in cash" on the Distribution form. You will be taxed on these funds as income the year that the funds are received. Bencor processes checks weekly, and they will be mailed to the address that you indicate on the distribution form. 
    2. Rollover your funds to a traditional IRA or Qualified Retirement Plan.
    3. Maintain the funds in your current Bencor account. 

    Complete the Distribution or Direct Rollover Form and return it to Risk Management by Fax 727-588-6182, or email barrk@pcsb.org, or by Mail to Risk Management, Pinellas County Schools, 301 4th St. SW., Largo, FL  33770.

    Should you have any questions or concerns, please feel free to contact Risk Management at 727-588-6214 or email barrk@pcsb.org.