Bencor | A Turnkey Retirement Experience

a turn-key retirement experience

Understanding what you are doing and why, gives you the peace of mind to confidently execute your retirement plan.

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About BENCOR

BEN

COR

BENCOR would like to congratulate you on your upcoming

retirement and D.R.O.P. Exit. We know how exciting and scary this

experience can be all at the same time.

BENCOR is here to help you every step of the way with professional

guidance, investment advice, expertise on topics such as the

Florida Retirement System, the D.R.O.P. Exit Process, Social Security,

Retirement Forms, Sick Leave, and the Health Insurance Subsidy.

BENCOR believes that a one-on-one trusted and personalized

relationship is among the most important of issues to our clients.

Our Retirement Consultants and staff make it a point to be accessible

and approachable to ensure that you have an insightful, pressure -

and stress-free environment as we help you embark down

the road to retirement.

Again, we congratulate you,

Hugh B. Bishop R.M. Taylor IIICo-Founder/CEO Co-Founder

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA 93013, (800) 874-6910. BENCOR and PlanMember Securities Corporation are independently owned and operated. PlanMember is not responsible or liable for ancillary products or services offered by BENCOR.

Congratulations

BENCOR is here to help you every step of the way with professional guidance and sound investment advice.

www.bencorplans.com | 1

DISCLAIMER: BENCOR is not endorsed, affiliated with, or a subsidiary of the Florida Retirement System.


BENCOR is a turnkey retirement planning agency specializing in

retirement for employees that retire from the Florida Retirement

System. For the past 28+ years, the Retirement Consultants at

BENCOR have been servicing Florida retirees, helping them to

enjoy a successful retirement. With over 100 years of combined

experience, our Retirement Consultants have helped over 5,000

clients go through this process, from start to finish.

Since you only want to experience retirement once, BENCOR wants

you to know that you don’t have to walk this road alone. Take full

advantage of our local Retirement Consultants and have peace of

mind that while this may be your first time, we help our clients go

through this process every day.

Welcome to BENCOR

What should you expect?

Your BENCOR Retirement Consultant will begin with the basics helping to educate you along the way. If you don’t understand what you are doing and why, you will never have the level of comfort that gives you peace of mind to confidently execute your retirement plan. Your Retirement Consultant will have at-length discussions with you about everything from A to Z. Some of these topics include your estimated retirement income and how protected it is, legacy planning and monthly budgeting.

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave., Carpinteria, CA 93013, (800) 874-6910. BENCOR and PlanMember Securities Corporation are independently owned and operated. PlanMember is not responsible or liable for ancillary products or services offered by BENCOR.

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With BENCOR, planning is not just setting up an account for your

retirement dollars, and it is not just a 1-800 number either. It is a

face-to-face process that requires thoughtful consideration of your

current circumstances and long-term goals to create a personalized

retirement plan. This takes time and is not accomplished overnight.

You will meet with your BENCOR Retirement Consultant multiple

times before major investment decisions are made.

Our main focus is RISK MANAGEMENT. Determining your risk

tolerance, but more importantly your NEED for risk is your

Retirement Consultant’s number 1 goal.

We will strive to create a retirement plan with a foundation based

on guarantees, again providing peace of mind, just as your FRS

Pension and Social Security plans have provided. When you can

have a successful retirement based on return OF your money as

opposed to return ON your money, why put that opportunity

at risk? We believe that taking an appropriate portion of your

retirement nest egg and safe guarding it with guarantees should

be, without a doubt, your number 1 objective.

A Decidedly Different Approach

We believe that taking

an appropriate portion

of your retirement nest

egg and safe guarding it

with guarantees should

be, without a doubt, your

number 1 objective.

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BENCOR makes no guarantee of the FRS Pension and Social Security Plans. Guarantees are backed by the financial strength and claims-paying ability of the Insurance Company or entity providing them. The tax-deferred feature of an annuity should not be a factor in purchasing an annuity in a tax-qualified plan. Tax deferral is provided by the plan and the tax-deferral of the annuity does not provide any additional benefit. Annuities are subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. Individuals should only purchase an annuity in a qualified plan when its other benefits, such as lifetime income payments, family protection through death benefits, and/or guaranteed fees meet their current needs.

Retiree Checklist

If eligible, apply

for Social Security

Benefits at

www.ssa.gov

or at your local

Social Security

office.

Meet with your local BENCOR Retirement Consultant regarding any questions you have about the retirement process, to review current accounts and establish proper accounts to accept your D.R.O.P. ROLLOVER if necessary.

Meet with a representative of the Insurance Department regarding continuing retirees’ insurance. It may be necessary to submit enrollment paperwork prior to your last day of work in order to prevent any lapse or delay in coverage.

Complete Termination Notification (DP-TERM) for the Division of Retirement. You will receive this form from the Division of Retirement. Your Employee Benefits Department will need to complete the form for you to sign and have notarized. See sample form on page 12.

Complete the Selected Payout Method (DP-PAYT) form and submit to the Division of Retirement. If you select the Direct Rollover or Partial Lump Sum option, you must have this form completed by your BENCOR financial Retirement Consultant. See sample form on page 13.

30 Days After Retirement: Complete Withholding Certificate for Pension Payments (Form W-4P). You will receive this form after submission of the completed DP-TERM and DP-PAYT forms above. See sample form on page 18.

30 Days After Retirement: Complete Health Insurance Subsidy Certification (HIS-1) form. You will receive this form after submission of the completed DP-TERM and DP-PAYT forms above. See sample form on page 19.

30 Days After Retirement: Complete Direct Deposit Authorization (EFT) form. You will receive this form after submission of the completed DP-TERM and DP-PAYT forms above. See sample form on page 20.

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To meet with a BENCOR Retirement Consultant and discuss your retirement planning, contact the office nearest you.

19 Locations Throughout Florida

TALLAHASSEE1

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Tallahassee Office1407 Piedmont Drive | Suite CTallahassee, Florida 32312Toll Free Call: 1.855.599.2300

Jacksonville Office1650 Prudential Drive | Suite 100Jacksonville, Florida 32207Toll Free Call: 1.855.599.2300

Orlando Office - Orange County1245 West Fairbanks Avenue | 2nd FloorWinter Park, Florida 32789Toll Free Call: 1.855.599.2300

Orlando Office - Seminole County1052 Willa Springs Drive Winter Springs, FL 32708 Toll Free Call: 1.800.330.4014

Space Coast Office982 Brevard Avenue | Suite 2Rockledge, Florida 32955Toll Free Call: 1.855.599.2300

Naples Office2640 Golden Gate Parkway | Suite 202Naples, Florida 34105Toll Free Call: 1.855.599.2300

Sarasota Office2 N. Tamiami Trail | Suite 602Sarasota, Florida 34236 Toll Free Call: 1.855.599.2300

Fort Lauderdale Office10 Fairway Drive | Suite 300 Deerfield Beach, FL 33441 Toll Free Call: 1.866.425.0665

Key Largo Office198 Atlantic Blvd.Key Largo, FL 33037 Toll Free Call: 1.800.327.7888

Fort Myers Office2675 Winkler Avenue | #400Ft. Myers, FL 33901 Local Call: 239.283.8884

Marion County Office1805 SE 16th Avenue | Suite 901Ocala, FL 34471Local Call: 352.586.2219

Santa Rosa Office1312 East Cervantes Street Pensacola, FL 32501 Toll Free Call: 1.866.429.9817

Volusia County Office505 Canal Street New Smyrna Beach, FL 32169 Toll Free Call: 1.888.323.6267

Osceola County Office1950 E. Irlo Bronson Memorial HwyKissimmee, Florida 34744Local Call: 407.960.4494

Lake County Office2110 North Donnelly StreetMt. Dora, Florida 32727Local Call: 1.352.586.2219

Indian River Office601 21st Street | Suite 300Vero Beach, Florida 32960Local Call: 1.772.453.2745

Fort Walton Beach Office8A Brooks AvenueFort Walton Beach, Florida 32547Local Call: 850.862.5511

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SANTA ROSA

ORLANDO

JACKSONVILLE

NAPLES

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Pinellas County Office13123 66th StreetLargo, Florida 33773Local Call: 727.530.3030

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TALLAHASSEE

VERO BEACH

FORT LAUDERDALE

Additional Questions? Contact the BENCOR Coordinator at 1.800.330.4014 – Ask for Gena Flores.

Defuniak Springs Office1299 US Hwy 90WDefuniak Springs, Florida 32433Toll Free Call: 1.866.892.9922

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Timeline

A Timeline To Your Retirement

Tim

elin

e

The Florida Retirement System allows for you to

select 1 of 4 options that determines how your

Pension check will provide a benefit to your

beneficiary.

You will select your option BEFORE your D.R.O.P.

START date or your NORMAL RETIREMENT

date if you decide not to enter D.R.O.P. This is

a one-time irrevocable decision and can not

be changed once selected. All 4 options will

provide a benefit for your entire life; however,

you will want to determine whether or not a

continuation of benefit to a beneficiary is a

need for your family.

Pension Options: A Quick Review

www.bencorplans.com | 7Source: www.myfrs.com <http://www.myfrs.com>

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OPTION 1 is the basic monthly benefit and will provide you,

the retiree, with the maximum monthly benefit you will be eligible

to receive. The benefit will stop at your death. Options 2, 3, and 4

are less than the Option 1 amount and are designed to provide a

continuing benefit to a beneficiary or joint annuitant.

OPTION 2 is a reduced monthly benefit payable for

your lifetime. If you die within a period of ten years from your

retirement date or D.R.O.P. begin date, your designated beneficiary

will receive the same monthly benefit you were receiving until

the monthly benefits payable to both you and the beneficiary

equal the balance of the ten year period. If you die after that ten

year period, there is no continuing benefit to the beneficiary.

The amount of reduction of Option 2 depends on your age only.

Option 2 would be particularly appropriate if you are in ill health

and your beneficiary does not qualify as a joint annuitant. Anyone

can be named as a beneficiary under Option 2, as well as charities,

organizations, or your estate or trust.

OPTION 3 is a reduced monthly benefit payable for your

lifetime. Upon your death, your joint annuitant, if living, will receive

the same monthly benefit you were receiving. No further benefits

are payable after both you and your joint annuitant are deceased.

OPTION 4 is an adjusted monthly benefit payable to you

while both you and your joint annuitant are living. Upon the death

of either you or your joint annuitant, the monthly benefit payable

to the survivor is reduced to two-thirds of the monthly benefit

received when both were living. No further benefits are payable

after both you and your joint annuitant are deceased.

Your Four Pension Options

GET SMART TIP

OPTION 1 VS. OPTION 3

Taking a benefit other than Option 1 means that you are essentially purchasing a form of insurance on your pension. However you cannot drop this insurance if your plans change because it is a one-time irrevocable decision. So what happens if your spouse pre-deceases you? You are now stuck paying for an insurance benefit that is never redeemable. For this reason, many people explore the option of life insurance as an alternative. Consult an BENCOR Retirement Consultant about your options before making this decision.

Source: www.myfrs.com <http://www.myfrs.com>


The Deferred Retirement Option Program (D.R.O.P.) is offered

for vested members who have reached their normal retirement

date either due to age or years of service. While participating

in D.R.O.P., your monthly retirement benefit (i.e., pension check)

accumulates each month in the FRS Trust Fund, earning tax

deferred interest, while you continue to work and earn a salary.

Because your monthly retirement benefit must be calculated

upon entering D.R.O.P., and your D.R.O.P. account accumulates

as a direct result of your monthly retirement check being

deferred, you are not able to earn additional Service Credit

(Years of Service) while in the D.R.O.P. Program.

For most D.R.O.P. participants, the maximum participation

period is 60 months (5 years); however, D.R.O.P. is a month-to-

month program and you can leave whenever you choose.

The choice is yours. Some exceptions do apply.

Upon the completion of your D.R.O.P. period, you must

terminate all employment with all FRS employers or

forfeit your D.R.O.P. benefits.

What Is The D.R.O.P. Program?

For most D.R.O.P. participants, the maximum participation period is 60 months (5 years); however, some exceptions do apply.

Source: www.myfrs.com <http://www.myfrs.com>

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90 Days Before Your Last Day In D.R.O.P.STATE OF FLORIDA

DEPARTMENT OF MANAGEMENT SERVICESDIVISION OF RETIREMENT

POST OFFICE BOX 3090TALLAHASSEE, FL 32315-3090

CAUTION!!! You have 60 days from your termination date to make a decision. If you do nothing, the default selection is a LUMP SUM Distribution, which means TAXES, TAXES and MORE TAXES!!!!

90 90 days before your last day in D.R.O.P., you will receive a packet from the Florida Retirement System. IN THIS ENVELOPE WILL BE TWO VERY IMPORTANT FORMS:

DP-TERM FORMThis form will verify your D.R.O.P. termination date and require your notarized signature in addition to the signature of your employer. This form will notify the state that your

pension check should now come to you, and no longer be deposited in the FRS Trust Fund because you have now completed your D.R.O.P. term. (See Sample. Copy of DP-TERM Form on Page 12)

DP-PAYT FORMThis form will require your selection of a payout method for your D.R.O.P. money and will need to be SIGNED IN FRONT OF A NOTARY.

Depending on your payout election, this form will need to be sent to and signed by the custodian (company you would like to rollover your DROP Money to) and then sent to the state. (See Sample. Copy of

DP-PAYT Form on Page 13)

On this form you will find 3 options:

1. LUMP SUM PAYOUTThis is a fully taxable distribution and will result in all of your money being sent to you. The FRS will withhold 20% for taxes and send it to the IRS on your behalf, but this is only a withholding. YOU ARE STILL RESPONSIBLE FOR ANY ADDITIONAL TAX LIABILITY GENERATED BY THIS DISTRIBUTION COME TAX TIME. For this reason, very few people choose this option.

2. DIRECT ROLLOVERThis is the most commonly selected option among retirees. This option allows you to rollover the money to another Qualified (PRE-TAX) Investment and defer federal income tax until you withdrawl the money. BENCOR suggests that you make sure that you initially use an account that you have access to in case your needs happen to change. You can never have too much flexibility when it comes to access to your money.

3. PARTIAL LUMP-SUMThis option will send you a portion of your money in a lump-sum, and the rest can be rolled over to another Qualified (PRE-TAX) Investment deferring the federal income tax on the rolled over portion until you withdrawl it.

NOT SURE WHAT TO DO?Adding your D.R.O.P. dollars to your BENCOR account may bring you closer to reaching your retirement goal. You will likely be contacted by many investment companies/individuals who push you to purchase an annuity, an IRA, or some other investment vehicle outside of your BENCOR account. Now that you are about to receive a large lump sum of cash, everyone wants to be your “friend”. Do not feel obligated or pressured to buy a product or account when you can use a very valuable asset that you ALREADY have.

DID YOU KNOW?Your employer sponsored BENCOR FICA Alternative and SPECIAL PAY PLAN is something you already own and is eligible to receive your D.R.O.P. Rollover, even if you don’t currently have an account balance. It is a great way to satisfy the 60-day requirement of the state, and it will give you time to receive your first pension check, perhaps a first Social Security check, and simply experience retirement both emotionally and financially. Then, once you have had time to take a vacation, relax, and enjoy retirement for a few months, schedule an appointment with a BENCOR Retirement Consultant to make decisions as to what your needs will be in retirement. Not based on how retirement MIGHT BE, but based on how retirement HAS BEEN thus far, and what your needs will be in the future. Because your employer provided the BENCOR account and it was mandatory for your special pay, there are some special features you may be interested in. See below.

What are some other reasons that I should use my BENCOR Account?

1. NO RISK! - The Guaranteed Pooled Fund offers guaranteed principal and interest on all deposits, including your D.R.O.P. rollover, 403(b)/457(b) rollovers, 401(k) rollovers, and IRA rollovers.

2. NO FEES! - The Guaranteed Pooled Fund does not have any fees or charges for ANY transaction as long as you maintain a $1,000 account balance.

3. NO RESTRICTIONS! - You have 100% access to your money by way of direct deposit or lump sum as soon you have separated from service. (Internal Revenue Code age-based restrictions do apply.)

4. INCOME! - If you rollover your D.R.O.P. dollars to your BENCOR account and need to bridge an income gap in retirement, we’ve got you covered. BENCOR can send you monthly checks by direct deposit. If you discover you need more or less income down the road, your BENCOR account gives you the flexibility to change your withdrawal amounts whenever you want. Just let us know how much you need.

Ready? Here’s what you need to do…

1. Complete the DP-PAYT form by checking the box indicating that you would like to rollover ALL or PART of your D.R.O.P. dollars and sign the form IN FRONT OF A NOTARY. (DO NOT COMPLETE THE BOTTOM SECTION. THIS IS FOR BENCOR TO COMPLETE.)

2. Fill out the fax cover sheet located in the back pocket of this booklet, follow the instructions and fax your form to the number provided. Not comfortable with the fax process? That’s okay. Call us directly and a representative will make arrangements to meet with you one on one.

3. TAKE A DEEP BREATH AND RELAX! We will send you a completed copy of your DP-PAYT form, notify you when your money is safely in the account, and track your transaction along the way.

At this point, a large weight will have been lifted off your shoulders. If you rolled over your D.R.O.P. dollars to your BENCOR account to bridge the income gap in retirement, but discover you need more income down the road, your BENCOR account offers you the freedom to make changes later free of charges. It’s really that simple.

A Proven Approach - Let The Dust Settle


Prior to making your final decision about your D.R.O.P. dollars, you may want to discuss the options available with your BENCOR Retirement Consultant whose telephone number is listed on the back cover of this booklet. The Guaranteed Pooled Fund is a pooled separate account offered through Transamerica Financial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528, which provides the guarantee of principal and interest. TFLIC’s claims paying ratings are: Standard & Poor’s: AA-: (Very Strong); Moody’s: A1: (Good); A.M. Best: A+ (Superior)

According to our records, your DROP termination date is __________. You must terminate your DROP employment to receive your accumulated DROP benefits and begin your monthly retirement benefits. You and your employer’s authorized representative must complete this form certifying your DROP employment termination.

By signing this form you are acknowledging having read the termination requirements and re-employment limitations below.

1. If your DROP termination date is on or before June 30, 2010; Your termination requirement means you cannot remain employed or become re-employed with any Florida Retirement System (FRS) covered employer during the FIRST calendar month following your DROP termination date. This includes but is not limited to; part-time work, temporary work, other personal services (OPS), substitute teaching or non-Division approved contractual services. During the 2-12th calendar months following your DROP termination date, you may return to work for a participating FRS employer but must suspend your monthly retirement benefit for any of these month you are employed unless the position you hold is eligible for a reemployment exception. After the 12th calendar month following your DROP termination date, there are no more reemployment limitations.

2. If your DROP termination date is on or after July 1, 2010; Your termination requirement means you cannot remain employed or become re-employed with any Florida Retirement System (FRS) covered employer during the first six calendar months following your DROP termination date. This includes but is not limited to: part-time work, temporary work, other personal services (OPS), substitute teaching or non-Division approved contractual services. During the 7th-12th calendar months following your DROP termination date, you may return to work for a participating FRS employer but must suspend your retirement benefit for any of these months you are employed. There are no reemployment exceptions during the reemployment limitation period. After the 12th calendar month following your DROP termination date, there are no reemployment limitations.

If you fail to meet termination requirements noted above, you will void (cancel) your retirement and DROP participation, you must repay all retirement benefits received including your DROP accumulation, and you must apply to establish a future retirement date. If you void your retirement, your employer will be responsible for making retroactive retirement contributions and you will be awarded service credit for the period during which you were in DROP through your new termination date. Your eligibility for DROP participation will be terminated by your future retirement date and you may lose your eligibility to participate in DROP.

This is to acknowledge that I will terminate or have terminated employment with my FRS employer on

________________________________. This further acknowledges that you have read and understand the above statements. (Date)

Member Signature: (Sign in the presence of a Notary) ____________________________________________________________________Notary:State of _____________ County of ____________________ The above named person has sworn to and subscribed before me this

_______ day of __________________ 20 ___ and who is personally known ______ or produced ___________________ as identification.

_______________________________________________ _________________________________________________________Signature of Notary Public Print, Type or Stamp commissioned name of Notary Public

Employer Certification of Employment Termination:This is to certify that the DROP participation for the above named member will terminate or had terminated on__________________________________ with the Agency who I am authorized to represent. (Date)

Authorized Signature: ____________________________________________ Position Title: _____________________________________

Print Name: ____________________________________________________ Phone Number: __________________________________

Agency Name: __________________________________________________ Agency #: _______________ Date: ___________________

DP-TERMRev. 04/10Retired Payroll

Member Verification

Member Name: ______________________________________ Member SSN ____________________________

Mailing Address ______________________________________ Home Telephone ____________________________

______________________________________

Florida Retirement System Pension PlanDeferred Retirement Option Program (DROP)

Termination NotificationPO BOX 3090 Tallahassee, FL 32315-3090

(850) 487-4856 Toll Free; 1-877-738-3767 FAX (850) 410-2199

SAMPLE

DO NOT USE

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DP-PAYTRev. 03/10Retired Payroll

Florida Retirement System Pension PlanDeferred Retirement Option Program (DROP)

Selected Payout MethodPO BOX 3090 Tallahassee, FL 32315-3090

(850) 487-4856 Toll Free; 1-877-738-3767 FAX (850) 410-2199

Member Name: ______________________________________ Member SSN _______________________________

Payee Name: ______________________________________ Payee SSN _______________________________

This form serves as an affirmation of your selected payout method for your DROP accumulation as provided in 121.091, Florida Statutes. The method of payout may have tax implications. Before making your payout election, please read the enclosed Special Tax Notice. You may want to consult a tax professional regarding tax implications.

DROP BALANCE PAYOUT METHODIf you are subject to a Required Minimum Distribution (RMD), or made “after tax” contributions. Those amounts will be paid directly to you as a required lump sum payment. Upon receiving this completed form, your payment will be processed in the calendar month following your termination date. Your DROP BENEFIT is based on your selected DROP termination date of: ________________

A lump sum election means the FRS will mail the DROP payment directly to you at the address on file, minus the required federal withholding taxes.

*Tax Calculation: $_________ (20% non-RMD amounts) $_________ (10% RMD amounts)

A direct rollover election means the FRS will mail the eligible DROP rollover portion of your balance directly to your selected plan and the lump sum balance will be mailed directly to you at the address on file. The receiving financial institution’s representative / custodian must complete the rollover section below. If you choose to roll over into a ROTH account, the taxation will default to 0% unless you selected either of the following amounts: _____________ 10% _____________ 20%

A partial lump sum option: Please add the additional amount I noted to my required gross lump sum payment and reduce the DROP rollover accordingly. I understand that the additional lump sum amount will be taxed.

By signing this form, I attest having read the Special Tax Notice and authorize the FRS to release my DROP payments accordingly.

PAYEE’s SIGNATURE ______________________________________________________________ __________________________ (Must be signed in the presence of a Notary Public) Date

Notary: State of _____________________, County of ____________________. The above named person has sworn to and subscribed

before me this ____________ day of _________________ 20 _______ and who is personally known _______ or produced

______________________________________________ as identification.

______________________________________________________ ___________________________________________________ Signature of Notary Public Print or Stamp Notary Public’s Commission Name and Number

This Section is for ROLLOVERS, and must be filled out by a REPRESENTATIVE of the ELIGIBLE PLAN or IRA

Please select the type of account rollover is being deposited in (as defined in s. 402(c)(8)(B) of the Internal Revenue Code) and provide the address where the check should be mailed (Upon receiving this completed form, a payment will be processed in the calendar month following the member’s termination date noted above. Incomplete forms will be returned to the member and delay the payment process.

Individual Retirement Account / Annuity (IRA) as described in s. 408(a) and 408 (b), Internal Revenue Code Traditional Non-designated ROTH (taxation will default to 0% unless a different election was made above)

Qualified Plan, a stock bonus pension, or profit sharing plan of an employer as described in s. 401(a), 401(k), Internal Revenue Code

Deferred Compensation Plan as described in s. 457(b), Internal Revenue Code

An Annuity as described in s. 403(a) or 403(b), Internal Revenue Code

Payable To: _________________________________________ Account #_______________________ Phone ____________________ Financial Institution (optional)Mail Paymentto Address _______________________________________ Representative _______________________________________________ _______________________________________ Print Name

Gross DROP Balance $___________RMD $___________After Tax Contributions $___________My Lump Sum Payment $___________

Required Gross Lump SumPayment (RMD and After-Tax Contributions) $___________Eligible Gross DROP Rollover $___________

Additional LumpSum Amount $___________

SAMPLE

DO NOT USE


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30 Days AFTER Your Exit Date

YOUR FIRST PENSION CHECK ARRIVES If your first day retired is the first day of a month, the Florida Retirement System will issue your first pension check at the end of that month. All of the required documentation must be received on time for your application to be approved and your check to be processed for that month’s payroll. The FRS processes payroll on the 25th of each month. Checks will be mailed and received the first week of the next month or no later than the 5th day of the next month. Keep in mind that this means that you COULD HAVE NO PAYCHECK for the first month you are retired. BENCOR encourages you to make sure that you have made accommodations to prepare for this period of time.

Your 1st pension check will not be the same as your 2nd or your 3rd. So be prepared to see varying amounts for these first few deposits. The reasons for the varying amounts are as follows:

1. There is a Health Insurance Subsidy payment (H.I.S.) that you may be eligible to receive. Even though you may be eligible to receive a H.I.S. payment with your pension check, the first check will not include a Health Insurance Subsidy (H.I.S.) payment, because you must complete additional paperwork to receive it. If you fill out the proper forms in a timely manner, the Health Insurance Subsidy will be included in your 2nd pension check. In actuality, your 2nd pension check will include two H.I.S. payments, one that you were owed for your first check (a retro payment) and the one you are owed for your second check. Your 3rd pension check and each additional check will include the correct amount. See page 17 for additional information on when you will receive the necessary forms and how the H.I.S. payment is calculated. 2. The Default Tax Withholding from your pension check. The Default Tax Withholding applied to your first pension check will remain constant unless you change it. It will have a default withholding for tax purposes of married with 3 dependents. While some retirees may be married, not many have 3 dependents to claim. This could result in you owing additional money at tax time. The Florida Retirement System gives you the opportunity to change this withholding to better suit your tax bracket. See the explanation and sample forms on the next few pages of this brochure and contact your BENCOR Retirement Consultant if you have additional questions.


You COULD HAVE NO PAYCHECK for the first month you are retired. BENCOR encourages you to make sure that you have made accommodations to prepare for this period of time.

W-4P FORMThis form will allow you to change your with-

holdings for tax purposes. The default for all FRS

retirees is married with 3 dependents. Since a

majority of retirees do not have 3 dependents,

there is generally not enough tax withheld from

your first pension check to offset the tax liability

at tax time. As a result, many retirees will owe

additional taxes come tax time. This form will

allow you to modify your withholdings to better

suit your tax situation.

After Your First Pension Check

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A WEEK AFTER YOUR 1ST PENSION CHECK ARRIVES

You will receive a SECOND Packet from the Florida Retirement System that looks exactly the same as the first.

See Image below.

In this packet will be 3 important forms. You will want to get these forms back to the FRS ASAP so that your next Pension Check will be updated with the changes.

See full size sample form on page 18

STATE OF FLORIDA

DEPARTMENT OF MANAGEMENT SERVICES

DIVISION OF RETIREMENT

POST OFFICE BOX 3090

TALLAHASSEE, FL 32315-3090

FRS Retirement Benefits

TO:

JOHN DOE SMITH

120120 WEST MAIN STREET

SARASOTA, FL 00000-0000

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H.I.S. FORMHealth Insurance Subsidy Form will be the

notification to the FRS that you have proof of

insurance and qualify for $5 for each year of

service that you had prior to your D.R.O.P. entry.

Once this form is submitted, you will then begin

receiving these dollars included in your pension

check. Because you are owed an H.I.S. payment

for your first check, after submission of this

form, your next check will include 2 months of

Health Insurance Subsidy, a retro payment for

the first pension check and a payment for the

current month.

DIRECT DEPOSIT FORM Your first check was mailed to you; however, the

FRS now requires you to set up direct deposit as

they will not continue to mail you your monthly

pension check. You should complete this form

with the bank account information for the

account that you would prefer your check to be

direct deposited into. If completed in a timely

manner, your second check will be directly

deposited in the account that you indicated.




SAMPLE

DO NOT USE

18

SAMPLE

DO NOT USE


SAMPLE

DO NOT USE

20

Worksheet

Your Retirement Worksheet

Wor

kshe

et


IMPORTANTPlease complete the following

Personal Analysis and Personal Budget worksheets prior to attending your BENCOR retirement workshop or meeting with your BENCOR Retirement Consultant.

Thank You

Your Personal Analysis

GENERAL INFORMATION IMPORTANT DATES

Name DOB

Address DOB - Spouse

City D.R.O.P. Exit

Zip Code Retirement

Phone - Home / Cell Re-Hire

Email

Employer

Ending Salary $

RETIREMENT ASSETS D.R.O.P. $

FRS Pension $

FRS Investment Plan $

IRA $

Mortgage Amount Owed: $ ___________ Estimated Value: $ Interest rate % __________

Personal Savings Circle type CD Savings Checking $

Real Estate / Rental Income $

Social Security Monthly Annually $Age

403(b)/457(b) Tax Sheltered Annuity Deferred Compensation Plan Fixed Variable $

Other (Inheritance, Securities, Mutual Funds) $

Circle option taken 1 2 3 4

Traditional Roth

22

Your Personal Budget ESSENTIAL OPTIONAL

HOUSING Mortgage or Rent $ _________ $ _________ Property Taxes & Insurance $ _________ $ _________ Utilities $ _________ $ _________ Household Improvements $ _________ $ _________ Household Maintenance $ _________ $ _________

FOOD At Home $ _________ $ _________ Dining Out $ _________ $ _________

TRANSPORTATION Vehicle Purchase/Payment $ _________ $ _________ Auto Insurance & Taxes $ _________ $ _________ Fuel $ _________ $ _________ Maintenance $ _________ $ _________ Public Transportation $ _________ $ _________

HEALTH CARE Health Insurance Medicare/Medigap $ _________ $ _________ Co-Pays/Uncovered Medical Services $ _________ $ _________ Drugs & Medical Supplies $ _________ $ _________ Fitness Center Membership $ _________ $ _________

PERSONAL INSURANCE Life $ _________ $ _________ Long-Term Care $ _________ $ _________

PERSONAL CARE Clothing $ _________ $ _________ Products & Services $ _________ $ _________

OTHER Entertainment $ _________ $ _________ Travel $ _________ $ _________ Hobbies $ _________ $ _________ Family Care/Education $ _________ $ _________ Income Taxes $ _________ $ _________ Charitable Contributions $ _________ $ _________ Other _________________________ $ _________ $ _________

SUBTOTAL $ _________ $ _________

TOTAL ESTIMATED MONTHLY EXPENSES $ _________ $ _________

COMPARE EXPENSES AND SOURCES OF INCOME, AND MAKE AN INCOME PLAN WITH YOUR BENCOR RETIREMENT CONSULTANT TO COVER ANY GAPS.


Notes

24

To meet with an Bencor Retirement Consultant and discuss your retirement planning, contact the office nearest you.

Tallahassee Office1407 Piedmont Drive | Suite CTallahassee, Florida 32312Toll Free Call: 1.855.599.2300

Jacksonville Office1650 Prudential Drive | Suite 100Jacksonville, Florida 32207Toll Free Call: 1.855.599.2300

Orlando Office - Orange County1245 West Fairbanks Avenue | 2nd FloorWinter Park, Florida 32789Toll Free Call: 1.855.599.2300

Orlando Office - Seminole County1052 Willa Springs Drive Winter Springs, FL 32708 Toll Free Call: 1.800.330.4014

Space Coast Office982 Brevard Avenue | Suite 2Rockledge, Florida 32955Toll Free Call: 1.855.599.2300

Naples Office2640 Golden Gate Parkway | Suite 202Naples, Florida 34105Toll Free Call: 1.855.599.2300



Sarasota Office2 N. Tamiami Trail | Suite 602Sarasota, Florida 34236 Toll Free Call: 1.855.599.2300

Fort Lauderdale Office10 Fairway Drive | Suite 300 Deerfield Beach, FL 33441 Toll Free Call: 1.866.425.0665

Key Largo Office198 Atlantic Blvd.Key Largo, FL 33037 Toll Free Call: 1.800.327.7888

Fort Myers Office2675 Winkler Avenue | #400Ft. Myers, FL 33901 Local Call: 239.283.8884

Marion County Office1805 SE 16th Avenue | Suite 901Ocala, FL 34471Local Call: 352.586.2219

Santa Rosa Office1312 East Cervantes Street Pensacola, FL 32501 Toll Free Call: 1.866.429.9817

www.bencorplans.com

DISCLAIMER: BENCOR is not endorsed, affiliated with, or a subsidiary of the Florida Retirement System.

Volusia County Office505 Canal Street New Smyrna Beach, FL 32169 Toll Free Call: 1.888.323.6267

Osceola County Office1950 E. Irlo Bronson Memorial HwyKissimmee, Florida 34744Local Call: 407.960.4494

Lake County Office2110 North Donnelly StreetMt. Dora, Florida 32727Local Call: 1.352.586.2219

Indian River Office601 21st Street | Suite 300Vero Beach, Florida 32960Local Call: 1.772.453.2745

Fort Walton Beach Office8A Brooks AvenueFort Walton Beach, Florida 32547Local Call: 850.862.5511

Defuniak Springs Office1299 US Hwy 90WDefuniak Springs, Florida 32433Toll Free Call: 1.866.892.9922

Date post:	06-Mar-2016
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Bencor | A Turnkey Retirement Experience

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