BENCOR is Awarded FICA Alternative Plan Contract for State of Florida Employees
ISELIN, N.J., July 30, 2010—After a competitive bid process, BENCOR was chosen by the State of Florida to provide its FICA Alternative Plan to all qualifying state employees. There were several vendors considered, but BENCOR’s experience and total Plan offering resulted in their selection for a long-term contract award.
BENCOR, Inc. is a U.S Retirement Partners Firm based in Sarasota, Florida. Founded in 1990 by Corky Taylor and Hugh Bishop, BENCOR focuses on the design, implementation and administration of specialized, qualified and non-qualified retirement plans for public employees throughout the United States. BENCOR is the leading designer and provider of 401(a), 403(b) and 457 Special Pay and FICA Alternative Plans.
“When the Omnibus Reconciliation Act of 1990 (OBRA 90) became law, it created Internal Revenue Code Section 3121(b)(7)(f). As a result, seasonal and temporary employees of a government entity may deposit money into a private retirement plan instead of Social Security,” stated Corky Taylor, BENCOR Co-Founder.
“The addition of the State of Florida Employees FICA Alternative Plan will prove to be a huge tax savings to the state budget. We anticipate a savings of over $10 million dollars annually for the State of Florida’s budget,” added Hugh Bishop, BENCOR President and CEO.
“BENCOR pioneered the marketplace they serve and have saved school districts and other governmental entities hundreds of millions of tax dollars. The awarding of such an important contract is further evidence of BENCOR’s leadership position in their market,” said Mark M. Skinner, U.S. Retirement Partners (USRP) President and CEO.