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Pinellas County Schools' Special Pay Plan 401 (A)
This valuable plan is offered to all school board employees if you are retiring, separating from service, or entering DROP. Employees who have accumulated "special pay" (sick leave and or vacation pay) with a value of $2500 or more will have an account established for them and their money will automatically be deposited in this account free of Social Security and Medicare Taxes, and deferral of federal income taxes. For additional information on how this plan works, see the links below.Distribution of your 401 A Special Pay Plan
Your account is always 100% vested and belongs only to you. The balance of your account is available for withdrawal at any time after your termination of employment. In the case of your death, the beneficiary or beneficiaries you name under the Plan, will be able to withdraw your account balance. Funds may be withdrawn in one or more cash distributions, which are taxable for the year of withdrawal, or in the form of a direct rollover to an IRA or other eligible retirement plan, which results in continued deferral of your income tax obligation. To request a withdrawal, download a Distribution Request Form from www.bencorplans.com. Additional information about income taxes and rollovers is included with the form.
Are my funds taxable and are there any penalties when I withdraw my funds?
As described above, income taxes are imposed for the year of withdrawal. Income taxes are deferred in the case of a rollover to an IRA or other eligible retirement plan, although rollovers to a “ROTH” IRA are currently taxable. There also is a 10% IRS penalty on withdrawals from the 401(a) or 403(b) part of the Plan unless taken after your retirement and you are at least age 55 in the year that you retire.
