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Office of Financial Services > Accounting Operations > Frequently Asked Questions > What happens to my money once it is sent to Bencor?  

Frequently Asked Questions: What happens to my money once it is sent to Bencor?

Category

Deductions 

Question

What happens to my money once it is sent to Bencor? 

Answer

Once the monies are received at Bencor, you have (2) options:  allow Bencor to administer the monies on your behalf or have the funds distributed to you.  If you elect to have the funds distributed, the money will be subject to the standard IRS withholding rate of 20%.  If you are under age 55, you will also be charged a 10% IRS penalty for early withdrawal.  To request distribution, you must contact Bencor directly at 1-888-258-3422.

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Created at 5/20/2010 3:15 PM  by Moses, Linda@Accounting Services 
Last modified at 5/20/2010 3:18 PM  by Moses, Linda@Accounting Services