DROP and Bencor
If you are a participant in the State's you probably have many questions about
entering retirement and what option to choose for your DROP distribution.
Is the DROP money taxable?
Which option is best for me?
Will I have adequate retirement income?
How should I invest my DROP payout?
What is a "rollover'?
Suncoast can help you answer all of these questions and more. We have trusted
advisors on staff who will work with you to evaluate your retirement income
needs and guide you in selecting the best option for you.
Contact us online
for a complimentary consultation, contact a specific
, or call 1-866-300-9382.
BENCOR, Inc. specializes in marketing and distributing tax-qualified and
nonqualified retirement plans for both private- and public-sector employees
throughout the United States. Many school districts have adopted the Bencor
401(a) a plan in which all retiring employees are required to participate. All
payouts for sick, vacation and retirement supplements are combined into one
payout at retirement and using an Internal Revenue Service formula, the maximum
amount allowed is sent to Bencor tax-deferred without Federal Income Tax
Withholding and Social Security and Medicare Tax.
Once the monies are received at Bencor, you have (3) options:
allow Bencor to administer the monies on your behalf
have the funds distributed to you
direct rollover to an IRA
If you elect to have the fund 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.
This is an important decision and our trusted advisors can help. for a complimentary consultation, contact a specific , or call 1-866-300-9382.