Special Pay & FICA Alternative Plan Services
You can count on our in-depth experience with Special Pay Plans and FICA Alternative Plans as a vital asset to anyone planning or approaching retirement. We provide a fully bundled service that includes Plan Documents, Administration, and Investment Options.
Special Pay Plans
- This plan allows employees to place accumulated sick, vacation and other leave or incentive pay into a plan that permanently avoids Social Security and Medicare taxes for both employee and employer. Employees also defer income taxes until funds are withdrawn, resulting in significant savings when facing retirement.
FICA Alternative Plans
- Substituting as a private investment plan for part-time, temporary and seasonal employees’ Social Security, contributions are deducted from an employee’s wages with a deferral on income taxes. Employees are provided alternative saving options and the freedom to invest these funds as they choose, while employers save on Social Security taxes.
Visit our Partner, BENCOR/MidAmerica, for more information.