Benefit Reference Guide - The School District of Palm Beach County

Special Retirement Plan
In this section...
• Special Retirement Plan description
• How much you can contribute
• How it works
• Investment options
Plan Provider: BENCOR
A 401(a) Special Retirement Plan is a benefit option you have as
you create your benefits package. Only 401(a) Dollars can be
deposited into this account. See page 10 for information on
401(a) Dollars.
How Much Money Can I Contribute?
The District will contribute 100 percent of the value of your 401(a)
Dollars into this plan. Unfortunately, no other dollars can be used to
fund this 401(a) Special Retirement Plan.
Am I eligible for 401(a) dollars and
medical coverage as a dependent?
If you have medical coverage other than a District plan (i.e. under
another employer’s plan or a retirement plan), you may waive the
School District’s coverage and receive $100 401(a) Dollars per
month ($50 per month if you are a part-time eligible employee).
However, you are not eligible for the 401(a) Dollars if you are
covered as a dependent by another District employee.
What is it?
The BENCOR 401(a) Special Retirement Plan is a pension
plan that is tax qualified under Internal Revenue Code Section
401(a). BENCOR Administrative Services provides a full range of
administrative services to the BENCOR 401(a) Special Retirement
Plan and its participants. Diversified Investment Advisors/
Transamerica Financial Life Insurance Company provides the
investment vehicles for this plan. TFLIC holds an A.M. Best “A+”
(Excellent) rating.
www.myFBMC.com
78