Skip to main content

Office of Human Resources

Benefits for OPS Employees


BENCOR 401(a) FICA Alternative Plan

Florida State University has implemented a qualified retirement plan for part-time, seasonal, or temporary employees who are not covered by the Florida Retirement System. The BENCOR 401(a) FICA Alternative Plan began covering these employees on January 6, 2006.

In lieu of paying 6.2% of your wages for Social Security taxes, you will now contribute 7.5% of your pre-tax wages into an investment account in your name. Medicare contributions at 1.45% will continue to be withheld from your paychecks.

Participation in this plan is mandatory for all eligible employees. You will be automatically enrolled or un-enrolled by the University as your salary plan status changes during your employment with FSU.

This program offers several advantages, including:

  1. Participants are not subject to Social Security (FICA) taxes while participating in the Plan
  2. Any benefits earned under any other retirement plan (as well as any previous Social Security benefits) will not be reduced by participating in this plan. Also, if the participant leaves a position covered by this plan for any reason before retirement, he/she can withdraw the balance of the account, or continue to save the funds for retirement.
  3. Contributions to this plan are pre-tax; therefore, the amount of federal income taxes paid is reduced. No taxes are paid on the contributions or earnings in the plan until the funds are withdrawn.
  4. Account data may be accessed online through the BENCOR web site: http://bencorplans.com, or by calling 1-888-258-3422.
  5. Investments are provided by Transamerica. Participants can control their personal investments by choosing one or more of the various funds that are available in the plan. By default, the funds are initially placed in the Lincoln Stable Value Account fund. This low-risk fund earns a guaranteed annual rate of return - currently (as of February 2017) 2.05% on an annualized basis. Participants may change their investments or view the latest fund performance statistics at any time by logging on to the BENCOR web site: http://bencorplans.com.
  6. There are no fees associated with this plan while employed at FSU and actively contributing to the plan.
  7. All participants are provided with annual statements (after the plan year ends on December 31) which are mailed to their home addresses in January.

Please note that any questions directly related to your paycheck contributions, and not your BENCOR investment performance, will likely need to be answered by either FSU's Human Resources or Payroll Services staff. If you have questions, please call (850) 644-4017, or email: retirement@fsu.edu.