FICA Alternative Plan
The FICA Alternative Plan is a defined contribution plan authorized under Section 401(a) of the Internal Revenue Code. BENCOR, Inc. is the plan administrator for Lake-Sumter State College. In lieu of paying 6.2% of your wages for Social Security taxes, you will now contribute 7.5% of your pre-tax wages into an investment account in your name. Medicare contributions at 1.45% will continue to be withheld from your paychecks. Participation in this plan is mandatory for all eligible employees. You will be automatically enrolled or un-enrolled by the College as your salary plan status changes during your employment with Lake-Sumter State College.
Easy Access Information
Alternate Retirement Plan
Eligible employees at Lake-Sumter State College contribute 7.5% of pre-tax wages to a personal investment account instead of paying 6.2%
Florida Retirement System (FRS)
Employer Contributory Retirement Plan MyFRS Home The FRS is an employee and employer contributory retirement plan. The rules surrounding FRS
Medicare
If you or your spouse are turning 65 and are continuing to work, you should enroll in Medicare Part A
Voluntary Retirement Plans
403b and 457 Voluntary Retirement Plans TSA Consulting Group, Inc. (TSA) is our third-party administrator for our 403b and 457