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:
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) 645-2303, or email: firstname.lastname@example.org.