BENCOR serves over 360,000 participants and has successfully coordinated the implementation of Special Pay and FICA Alternative Plans throughout the United States since 1998. Our goal is to provide you with retirement planning solutions that make a difference, including professional guidance and sound investment advice.
The Special Pay Plan allows full-time employees to contribute accumulated sick, vacation and other leave or incentive pay into their personalized retirement plans. Contributions to these plans allow you to permanently avoid up to 7.65% in Social Security and Medicare tax.
Through the FICA Alternative Plan, BENCOR provides an individual investment plan for part-time, seasonal and temporary employees. 7.5% of employee wages are contributed on a pre-tax basis, which allows you to obtain a personal retirement account you may not otherwise have.