401 A Plan (Bencor)

  •  

    PINELLAS COUNTY SCHOOLS' SPECIAL PAY PLAN 401(A)

     This valuable plan is offered to all school board employees if you are retiring, separating from service, or entering DROP.   Employees who have accumulated "special pay" (sick leave and or vacation pay) with a value of $2500 or more will have an account established for them and their money will automatically be deposited in this account free of Social Security and Medicare Taxes, and deferral of federal income taxes.  For additional information on how this plan works, see the links below.
      
    Watch this VIDEO about the 401(a) Special Pay Plan 
    Bencor Special Pay Plan Welcome Letter
     

    IMPORTANT NOTICE REGARDING INVESTMENT CHANGES

    School Board of Pinellas County FICA Alternative and Special Pay Plan
    May 22, 2020

    The investment changes described below are scheduled to begin at close of business on Monday, June 1, 2020 and expected to conclude on or about June 2, 2020.

    During this time (“blackout period”), the Prudential Guaranteed Long Term Fund (“GLTF”) will be replaced with the Lincoln Stable Value Account (Z100X). During the blackout period, no transfers or withdrawals may be initiated.

    While this new investment option will have a profile similar to the investment that is being replaced, the determination has been made that the new investment is better positioned to meet expectations over the long term. The Lincoln Stable Value Account provides a higher minimum guaranteed rate of return (no less than 1.50% per year for the life of the contract) and a higher current rate of return of 2.05% per year (guaranteed through 6/30/2025).

    Investment Mapping Table
    Old Investment Name New Investment Name
    PRUDENTIAL GUARANTEED LONG TERM FUND LINCOLN STABLE VALUE ACCOUNT (Z100X)

    Additionally, because of the timing of the transition, moving out of the Prudential contract is projected to generate a positive Market Value Adjustment (“MVA”). The MVA will be distributed to participants who were invested in the GLTF prior to the fund change announcement on a pro rata basis and will represent a “bonus” amount credited to your account. This additional deposit will be reflected online several days after the fund change and on your next quarterly or annual statement of account.
    If you determine that the investment mapping outlined above is appropriate for your investment objectives, it is not necessary for you to take action. Should you wish to change your investment allocation in light of this investment change, you may do so by logging into your account at www.bencorplans.com at any time before or after the conclusion of the blackout period.
     
    Please contact BENCOR Administrative Services at 1-866-296-9712 with any questions.
     

     
    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.
     


     
    Questions regarding your PCS Special Pay Plan 401(a)?  
    Contact our on-site Rep, Britt Barr. 
     
    Email:                               fbbarr@bencorrep.com

    Phone:                              727-224-5930

    District On-Site
     
    (OFFICE HOURS TEMPORARILY SUSPENDED UNTIL FURTHER NOTICE)
     
    Office Hours:                 Tuesday 8:00 - 10:00 A.M.   2:30 P.M. - 4:30 P.M.
                                          Thursday 8:00 - 10:00 A.M  2:30 P.M. - 4:30 P.M. 
                                          Please contact Britt Barr for an appointment.