When do I receive my final pay check?
In general, your annual contract is paid in full on the pay date of the pay period that includes your last working day.
What happens to my leave when I retire?
Sick and vacation leave are paid out on the next pay date after contract payout. We wait one pay date to make sure all leave time is accounted for. Sick leave and vacation leave payment amounts are based on available balances at the time of retirement, subject to District maximum limits. Leave amounts are calculated based on your current hourly rate at the time of retirement. Sick leave pay outs are based on length of service: 10 consecutive years will be paid at 50% and 13 consecutive years will be paid at 70% of the employee’s hourly rate. Vacation leave is paid at 100% of the hourly rate earned for that particular fiscal year, regardless of length of service.
What happens to my retirement monies?
All retiring employees are required to participate in the Bencor 401A plan. All payouts for sick, vacation and retirement supplements are combined into one check. Please contact the District Retirement Coordinator to discuss you retirement process.
Why must I participate in Bencor?
Any monies contributed to the Bencor plan are tax-deferred. The monies are not subject to Federal Income Tax (at the time of payout), and the Social Security Tax (6.2%) and Medicare Tax (1.45%) are never due. The result is a savings of 32.65% tax savings at the time of payment.
What happens to my money once it is sent to BENCOR?
Your funds are sent to Bencor following each pay date. Once the monies are received at Bencor, you have (3) options: allow Bencor to administer the monies on your behalf, have the funds rolled into another retirement type plan or have the funds distributed directly to you. If you elect to have the funds distributed to you, 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. (If you are subject to this penalty, please contact Payroll directly for more information on how to be reimbursed a portion of this penalty). To request distribution, you must contact Bencor directly at 1-888-258-3422.
Can I find out in advance what my retirement payout will be?
Yes, however, it will only be an estimate. Since each employee’s situation is different, we recommend that you make an appointment with the Payroll Manager or Payroll Coordinator several weeks before your retirement date to discuss your specific circumstance.