Participation in “BENCOR” is a Board adopted mandatory qualified retirement plan for an employee who is retiring, terminating or entering DROP and has accumulated at least $500 in "Special Pay" (terminal pay, sick leave pay, annual leave, etc.). Features of the Plan include:
· 100% vested in all contributions to the Plan, immediately.
· Income taxes on contributions and the earnings thereon are deferred until withdrawal.
· Social Security and Medicare taxes are permanently saved on contributions to the Plan.