Fillable BENCOR FICA Alternative Plan Distribution Request (University of West Florida)

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BENCOR FICA Alternative Plan Distribution Request (University of West Florida)

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11/07/16 Page 1 of 1
Statement on the Collection and Use of Social Security Numbers
Human Resources
In accordance with the requirements of Florida law (Section 119.071, Florida Statutes), the University of West Florida
collects social security numbers only if specifically authorized or required by law or if imperative for the performance of
the University’s duties and responsibilities. The University may collect social security numbers for some or all of the
following purposes: identity tracking and management; billing and payments; credit worthiness; data collection;
reconciliation and tracking; benefit processing; tax and scholarship reporting; financial aid processing; student health
services, and reporting to authorized state and federal government agencies. Federal and state laws require us to protect
social security numbers from disclosure to unauthorized parties. Students and employees are assigned UWF
identification numbers to assist in tracking and protecting their personal information.
UWF Forms
Form Purpose
Purpose for SSN#
Statutory Authority
Mandated,
Authorized or
Business Imperative
FRS Certification Form
Eligibility to be employed
Applicant
Identification
Section 119.071(5)(a)6.g,
F.S.
Mandated
Level II Background
Screening Request Form
Eligibility to be employed in
a position of special trust
Applicant/employee
identification
Section 119.071(4)(a)2.b.,
F. S.
Mandated
Verification of Employment
Authorization Release
Employment verification
Employee
identification
Section
119.071(5)(a)(2)(a)(ll), F.S.
Business Imperative
Third Party Non-UWF
Forms
Purpose
Purpose of SSN#
Statutory Authority
Mandated,
Authorized or
Business Imperative
Form I-9, Employment
Eligibility Verification (US
Department of Homeland
Security)
Verify each new employee
(both citizen and noncitizen)
hired after Nov 6, 1986, is
authorized to work in the
United States.
Citizen and
noncitizen
identification
U.S. Dept. of Homeland
Security, U.S. Citizenship
and Immigration Services;
Immigration Reform and
Control Act of 1986, Pub. L.
99-603(8 USC 1324a)
Mandated
Form W-4, Employee’s
Withholding Allowance
Certificate
Tax reporting
For employee
identification
I.R.C. Section 6109
Mandated
Florida retirement
contribution reports and
forms (Florida Department of
Revenue)
Administration of pension
benefits
For employee
identification
Section 119.071(6)(g), F.S.
Business Imperative
Worker’s Compensation
Amerisys forms on behalf of
Risk Management, STARS
reports of lost wages and
First Report of Injury
For report and
documentation of work-
related injury and follow up
For employee
identification
Section 440.185(2)(b), F.S.
Mandated
I.R.C. Section 403b,457b
contribution reports (Internal
Revenue Service)
Employee enrollment and
claims
For employee
identification
I.R.C. Section 6109
Mandated
State of Florida New Hire
Report (Department of
Revenue)
Administration of various
programs: child support
enforcement, Medicaid,
unemployment
compensation, Food Stamp,
aid to disabled, etc.
New hire
identification
Section 409.2576, F.S.
Mandated
State sponsored insurance
enrollment forms and reports
(group health, life, and
dental coverage) (limited to
dependents)
Administration of health
benefits
Dependent
identification
Section 119.071(6)(f), F.S.
Business Imperative
Agency for Workforce
Innovation Unemployment
Compensation forms
Verification of benefits
eligibility
Employee
identification and
verification with
Social Security
Administration
Section 443.091(1)(g), F.S.
Mandated
FICA Alternative Plan Forms
(OPS Retirement)
Selection of 401(a)
Investment options
and Beneficiaries
Reporting
(OBRA 90) IRC
3121(b)(7)(F).
Business Imperative
2220-CORP-BENCOR (FICA) (rev. 4/13) (Page 1 of 2) Corporate Plans
Section C. Distribution Information
Reason for distribution:
Termination of Employment Retirement QDRO Award
Paid as Full Cash Distribution-100%
Section D. Payment Options
Direct Deposit to my bank account. Note: This option will result in the fastest delivery of funds. It is an electronic transfer of funds directly into
your bank account, generally within two business days of the withdrawal from your account, at no cost to you. A completed Payment Options
form (attached) is required.
Check. Note: Please note that if you request a check as the method of payment and you do not receive it, our policy is to wait 10 business days
from the check issue date before placing a stop payment at the bank. Also be aware of any rules and/or restrictions your bank may have on
placing holds on deposits.
Note: If the direct deposit option is marked and a properly completed Payment Options form does not accompany this form, your distribution will be
processed in the form of a check.
To request a distribution, complete all applicable sections of this form, obtain any required signatures, and return the form to Bencor at 4333
Edgewood Road NE, Mail Drop 0001, Cedar Rapids, IA 52499.
Do not use this form to request a direct rollover to an IRA or an eligible retirement
plan; instead complete a Direct Rollover Request (Form No. 2214-CORP). For further information, please contact us at 888-258-3422.
Instructions
FICA Alternative Plan
Distribution Request
Section A. Employer Information
Employer Name
Contract/Account No. Afliate No.
Section B. Personal Information
Social Security No.
Ext.
Zip CodeState
Date of Birth
(mm/dd/yyyy)
First Name/Middle Initial Last Name
Mailing Address
City
Phone No.
Email Address
www.bencorplans.com
Section E. Tax Withholding Election
Mandatory Federal Income Tax Withholding - If this distribution is an eligible rollover distribution, 20% mandatory federal income tax
withholding applies unless the distribution is paid as a direct rollover to an eligible retirement plan or Traditional IRA.
Optional Federal Income Tax Withholding - If this distribution is not an eligible rollover distribution, 10% federal income tax will be withheld
unless you elect otherwise. If this distribution is subject to the 20% mandatory federal income tax withholding, do not check below since it does not
apply.
Do not withhold 10% optional federal income tax
State Income Tax Withholding - Withholding is mandatory in some states. Other states allow an independent election and in these states, state tax will
be withheld unless you elect otherwise. If your state requires a greater withholding percentage than what you have indicated, the mandatory state tax
will apply. If your state does not allow withholding, no state tax can be withheld. Please contact us to conrm if your state has a mandatory state tax.
Do not withhold state income tax (if independent election is permitted)
Withhold state income tax:_________%
THE UNIVERSITY OF WEST FLORIDA BOARD OF TRUSTEES
00001
2220-CORP-BENCOR (FICA) (rev. 4/13) (Page 2 of 2) Corporate Plans
Section F. Participant Signature
Please note: Any person who knowingly and with intent to defraud any insurance company or other person les an application for insurance or
statement of claim from a group annuity contract issued in New York, containing any materially false information, or conceals for the purpose of
misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also be subject to a
civil penalty not to exceed $5,000 and the stated value of the claim for each such violation. States other than New York also have insurance fraud
statutes, which impose penalties for any violation thereof.
For All Participants: I understand that I may have to report this distribution to the IRS and pay appropriate income taxes on the taxable portion not
rolled over. I have received and read the Special Tax Notice Regarding Plan Payments. If I hold an investment in SecurePath for Life, I have received
and read the Special Notice to SecurePath for Life Participants, which contains important additional information about the impact of withdrawals on
my SecurePath for Life benet. I certify that the information provided on this form is correct and complete.
I understand that my distribution will not be processed until all payroll adjustments have been submitted by my employer and I have satised the wait
period specied by my plan.
X_____________________________________________________ X_________________
Participant Signature Date
X_____________________________________________________ X____________________________________________________
Print Name Social Security Number
Section G. Employer Information and Signature
Employment Status:
Terminated ______________________(date) Retired ______________________ (date)
Have all contributions been remitted?
Yes No
Date of nal contribution ____________________________
(If a full distribution has been requested, processing will be delayed until the nal contribution is received.)
Note: This distribution request cannot be processed unless all applicable sections of this form have been completed.
I certify that the information provided on this form is correct and complete, this transaction is permissible under the plan, and that any required
consents and waivers have been obtained.
I certify that I am authorized to sign on behalf of the Plan Sponsor and:
• That the participant is eligible to withdraw his or her funds
• That all payroll adjustments have been submitted.
X_____________________________________________________ X_________________
Authorized Employer Signature Date
If you have questions regarding the completion of this form, or how to obtain an authorized employer signature, please call Bencor at 888-258-3422.
Return your completed form(s) with all required signatures to:
Bencor
4333 Edgewood Road NE
Mail Drop 0001
Cedar Rapids, IA 52499
Or, you may fax your completed form to 866-835-8863.
2947-BENCOR-Distribution Payment Options-TRS (rev. 4/14) (Page 1 of 2)
Plan Information
Company/Employer Name
Contract/Account No. Division No.Afliate No.
Personal Information
Social Security No.
Date of Birth
(mm/dd/yyyy)
First Name/Middle Initial Last Name
Distribution Payment Options
Instructions:
This form must be accompanied by a completed Distribution Request form. Choose one of the two payment options listed on the form.
1. DIRECT DEPOSIT (ACH) TO YOUR BANK ACCOUNT
Direct Deposit (ACH) is an electronic transfer of funds sent directly to your bank account, at no cost to you. After all required documentation
and approvals are received, the transaction will be processed and the funds will generally be forwarded to your bank within two business days of
the withdrawal from your account.Check with your bank to conrm the funds have been credited to your account. This information should be
included with every taxable request you submit. We WILL NOT use previous bank information on le.
Checking Account Savings Account
Please write your Routing Number and Account Number below AND include a voided check or letter from your bank.
____________________________________________________ ______________________________________________________
Routing or ABA Number Account Number
Important: You must attach one of the following:
• A voided check (must have name and address pre-printed)
• A deposit slip with pre-printed account information (must have name and address
pre-printed) and the routing number cannot begin with a 5 or 6.
• Letter from your bank on bank letterhead (including your notarized signature and
full name, account number, and bank routing number).
Note: This can only be deposited into your account or an account with your name on it (the name on the bank
account must match the name on your Bencor account). We do not deposit to prepaid credit cards. If proper
documentation is handwritten, not legible or is not attached, we will mail a check by standard post ofce
delivery.
Please conrm the ABA number and account number with your bank, as the numbers on your check may be
incorrect for direct deposit resulting in the funds being returned. If the funds are returned, a check will be
mailed to the address on le.
I authorize this transaction. If I am set up for scheduled recurring payments from my account, this method will apply for each payment unless Bencor
is otherwise notied. I certify that the indicated account is with a bank and is held in my name and the information provided on this form is correct
and complete.
X____________________________________________________________ X_________________ ___ X__________________________
Participant Signature Date Social Security Number
www.bencorplans.com
THE UNIVERSITY OF WEST FLORIDA BOARD OF TRUSTEES
GB078107
00001
2947-BENCOR-Distribution Payment Options-TRS (rev. 4/14) (Page 2 of 2)
2. OVERNIGHT MAIL DELIVERY FROM UNITED PARCEL SERVICE (UPS)
A check will be released for overnight delivery within seven (7) calendar days from the date that all required documentation and approvals are
received. A $25 fee will be deducted from your account or from the distribution amount. If the payment is greater than $250,000, a Direct Deposit is
recommended.
To deliver the check to an alternate address, indicate the name of the addressee and that address below. If an alternate address is not listed, the check
will be mailed to the address listed on the withdrawal request.
Contact Name: __________________________________________________________________________
Street Address:__________________________________________________________________________
City, State, Zip: __________________________________________________________________________
Note: UPS will not deliver to a PO Box, miliary post ofce or US territory, except Puerto Rico.
I certify that the information provided on this form is correct and complete. I authorize the overnight fee of $25 to be deducted from my account
balance.
X____________________________________________________________ X_________________ ___ X__________________________
Participant Signature Date Social Security Number
2768-BENCOR (rev. 5/13) (Page 1 of 4)
Special Tax Notice Regarding Plan Payments
YOUR ROLLOVER OPTIONS
You are receiving this notice because all or a portion of a payment you are receiving from your employer’s retirement plan is eligible to be rolled
over to a Traditional IRA, a Roth IRA or an employer plan. This notice is intended to help you decide whether to do such a rollover.
Rules that apply to most payments from a plan are described in the “General Information About Rollovers” section. Special rules that only apply in
certain circumstances are described in the “Special Rules and Options” section.
Generally, neither a direct rollover nor a payment can be made from the plan until at least 30 days after your receipt of this notice. Thus, after
receiving this notice, you have at least 30 days to consider whether or not to have your withdrawal directly rolled over. If you do not wish to wait
until this 30-day notice period ends before your election is processed, you may waive the notice period by making an afrmative election indicating
whether or not you wish to make a direct rollover. Your withdrawal will then be processed in accordance with your election as soon as practical after
it is received by the Plan Administrator.
GENERAL INFORMATION ABOUT ROLLOVERS FROM YOUR RETIREMENT PLAN
How can a rollover affect my taxes?
You will generally be taxed on a payment from the plan if you do not roll it over. If you are under age 59 1/2 and do not do a rollover, you will also
have to pay a 10% additional income tax on early distributions (unless an exception applies). However, if you do a rollover, you will not have to pay
tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59 1/2 (or if an
exception applies).
Where may I roll over the payment?
You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employer plan (a tax-
qualied plan, section 403(b) plan, or governmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employer plan that
holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, no spousal
consent rules apply to IRAs and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the
IRA or employer plan.
How do I do a rollover?
There are two ways to do a rollover. You can generally do either a direct rollover or a 60-day rollover.
If you do a direct rollover, the plan will make the payment directly to your IRA or an employer plan. You should contact the IRA sponsor or the
administrator of the employer plan for information on how to do a direct rollover.
If you do not do a direct rollover, you may still do a rollover by making a deposit into an IRA or eligible employer plan that will accept it. You
will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the plan is required to withhold 20% of the
payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over
the entire payment in a 60-day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the
payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under age 59
1/2 (unless an exception applies).
How much may I roll over?
If you wish to do a rollover, you may roll over all or part of the amount eligible for rollover. Any payment from the plan is eligible for rollover,
except:
•Certain payments spread over a period of at least 10 years or over your life or life expectancy (or the lives or joint life expectancy of you
and your beneciary)
•Required minimum distributions after age 70 1/2 (or after death)
•Hardship distributions
•ESOP dividends
•Corrective distributions of contributions that exceed tax law limitations
•Loans treated as deemed distributions (for example, loans in default due to missed payments before your employment ends)
•Cost of life insurance paid by the plan
•Contributions made under special automatic enrollment rules that are withdrawn pursuant to your request within 90 days of enrollment
•Amounts treated as distributed because of a prohibited allocation of S corporation stock under an ESOP (also, there will generally be
adverse tax consequences if you roll over a distribution of S corporation stock to an IRA).
The plan administrator or the payor can tell you what portion of a payment is eligible for rollover.
If I don’t do a rollover, will I have to pay the 10% additional income tax on early distributions?
If you are under age 59 1/2, you will have to pay the 10% additional income tax on early distributions for any payment from the plan (including
amounts withheld for income tax) that you do not roll over, unless one of the exceptions listed below applies. This tax is in addition to the regular
income tax on the payment not rolled over.
www.bencorplans.com
2768-BENCOR (rev. 5/13) (Page 2 of 4)
The 10% additional income tax does not apply to the following payments from the plan:
•Payments made after you separate from service if you will be at least age 55 in the year of the separation
•Payments that start after you separate from service if paid at least annually in equal or close to equal amounts over your life or life
expectancy (or the lives or joint life expectancy of you and your beneciary)
•Payments from a governmental dened benet pension plan made after you separate from service if you are a public safety employee and
you are at least age 50 in the year of the separation
•Payments made due to disability
•Payments after your death
•Payments of ESOP dividends
•Corrective distributions of contributions that exceed tax law limitations
•Cost of life insurance paid by the plan
•Contributions made under special automatic enrollment rules that are withdrawn pursuant to your request within 90 days of enrollment
•Payments made directly to the government to satisfy a federal tax levy
•Payments made under a qualied domestic relations order (QDRO)
•Payments up to the amount of your deductible medical expenses
•Certain payments made while you are on active duty if you were a member of a reserve component called to duty after
September 11, 2001 for more than 179 days
•Payments of certain automatic enrollment contributions requested to be withdrawn within 90 days of the rst contribution.
If I do a rollover to an IRA, will the 10% additional income tax apply to early distributions from the IRA?
If you receive a payment from an IRA when you are under age 59 1/2, you will have to pay the 10% additional income tax on early distributions from
the IRA, unless an exception applies. In general, the exceptions to the 10% additional income tax for early distributions from an IRA are the same as
the exceptions listed above for early distributions from a plan. However, there are a few differences for payments from an IRA, including:
•There is no exception for payments after separation from service that are made after age 55.
•The exception for qualied domestic relations orders (QDROs) does not apply (although a special rule applies under which, as part of a
divorce or separation agreement, a tax-free transfer may be made directly to an IRA of a spouse or former spouse).
•The exception for payments made at least annually in equal or close to equal amounts over a specied period applies without regard to
whether you have had a separation from service.
•There are additional exceptions for (1) payments for qualied higher education expenses, (2) payments up to $10,000 used in a qualied
rst-time home purchase, and (3) payments after you have received unemployment compensation for 12 consecutive weeks (or would have
been eligible to receive unemployment compensation but for self-employed status).
Will I owe State income taxes?
This notice does not describe any State or local income tax rules (including withholding rules).
SPECIAL RULES AND OPTIONS For Payments From Your Retirement Account
If your payment includes after-tax contributions:
After-tax contributions included in a payment are not taxed. If a payment is only part of your benet, an allocable portion of your after-tax
contributions is generally included in the payment. If you have pre-1987 after-tax contributions maintained in a separate account, a special rule may
apply to determine whether the after-tax contributions are included in a payment.
You may roll over to an IRA a payment that includes after-tax contributions through either a direct rollover or a 60-day rollover. You must keep track
of the aggregate amount of the after-tax contributions in all of your IRAs (in order to determine your taxable income for later payments from the
IRAs). If you do a direct rollover of only a portion of the amount paid from the plan and a portion is paid to you, each of the payments will include
an allocable portion of the after-tax contributions. If you do a 60-day rollover to an IRA of only a portion of the payment made to you, the after-tax
contributions are treated as rolled over last. For example, assume you are receiving a complete distribution of your benet which totals $12,000, of
which $2,000 is after-tax contributions. In this case, if you roll over $10,000 to a traditional IRA in a 60-day rollover, no amount is taxable because
the $2,000 amount not rolled over is treated as being after-tax contributions.
You may roll over to an employer plan all of a payment that includes after-tax contributions, but only through a direct rollover (and only if the
receiving plan separately accounts for after-tax contributions and is not a governmental section 457(b) plan). You can do a 60-day rollover to an
employer plan of part of a payment that includes after-tax contributions, but only up to the amount of the payment that would be taxable if not rolled
over.
2768-BENCOR (rev. 5/13) (Page 3 of 4)
If you miss the 60-day rollover deadline:
Generally, the 60-day rollover deadline cannot be extended. However, the IRS has the limited authority to waive the deadline under certain
extraordinary circumstances, such as when external events prevented you from completing the rollover by the 60-day rollover deadline. To apply for
a waiver, you must le a private letter ruling request with the IRS. Private letter ruling requests require the payment of a nonrefundable user fee. For
more information, see IRS Publication 590, Individual Retirement Arrangements (IRAs).
If your payment includes employer stock that you do not roll over:
If you do not do a rollover, you can apply a special rule to payments of employer stock (or other employer securities) that are either attributable
to after-tax contributions or paid in a lump sum after separation from service (or after age 59 1/2, disability, or the participant’s death). Under the
special rule, the net unrealized appreciation on the stock will not be taxed when distributed from the plan and will be taxed at capital gain rates when
you sell the stock. Net unrealized appreciation is generally the increase in the value of employer stock after it was acquired by the plan. If you do a
rollover for a payment that includes employer stock (for example, by selling the stock and rolling over the proceeds within 60 days of the payment),
the special rule relating to the distributed employer stock will not apply to any subsequent payments from the IRA or employer plan. The plan
administrator can tell you the amount of any net unrealized appreciation.
If you have an outstanding loan that is being offset:
If you have an outstanding loan from the plan, your plan benet may be offset by the amount of the loan, typically when your employment ends.
The loan offset amount is treated as a distribution to you at the time of the offset and will be taxed (including the 10% additional income tax on early
distributions, unless an exception applies) unless you do a 60-day rollover in the amount of the loan offset to a traditional IRA or employer plan.
If you were born on or before January 1, 1936:
If you were born on or before January 1, 1936 and receive a lump sum distribution that you do not roll over, special rules for calculating the amount
of the tax on the payment might apply to you. For more information, see IRS Publication 575, Pension and Annuity Income.
If your payment is from a governmental section 457(b) plan:
If the plan is a governmental section 457(b) plan, the same rules described elsewhere in this notice generally apply, allowing you to roll over the
payment to an IRA or an employer plan that accepts rollovers. One difference is that, if you do not do a rollover, you will not have to pay the 10%
additional income tax on early distributions from the plan even if you are under age 59 1/2 (unless the payment is from a separate account holding
rollover contributions that were made to the plan from a tax-qualied plan, a section 403(b) plan, or an IRA). However, if you do a rollover to an
IRA or to an employer plan that is not a governmental section 457(b) plan, a later distribution made before age 59 1/2 will be subject to the 10%
additional income tax on early distributions (unless an exception applies). Other differences are that you cannot do a rollover if the payment is due to
an “unforeseeable emergency” and the special rules under “If your payment includes employer stock that you do not roll over” and “If you were born
on or before January 1, 1936” do not apply.
If you are an eligible retired public safety ofcer and your pension payment is used to pay for health coverage or qualied long-term care
insurance:
If the plan is a governmental plan, you retired as a public safety ofcer, and your retirement was by reason of disability or was after normal
retirement age, you can exclude from your taxable income plan payments paid directly as premiums to an accident or health plan (or a qualied long-
term care insurance contract) that your employer maintains for you, your spouse, or your dependents, up to a maximum of $3,000 annually. For this
purpose, a public safety ofcer is a law enforcement ofcer, reghter, chaplain, or member of a rescue squad or ambulance crew.
If you roll over your payment to a Roth IRA:
You can roll over a payment from the plan made before January 1, 2010 to a Roth IRA only if your modied adjusted gross income is not more than
$100,000 for the year the payment is made to you and, if married, you le a joint return. These limitations do not apply to payments made to you
from the plan after 2009. If you wish to roll over the payment to a Roth IRA, but you are not eligible to do a rollover to a Roth IRA until after 2009,
you can do a rollover to a traditional IRA and then, after 2009, elect to convert the traditional IRA into a Roth IRA.
If you roll over the payment to a Roth IRA, a special rule applies under which the amount of the payment rolled over (reduced by any after-tax
amounts) will be taxed. However, the 10% additional income tax on early distributions will not apply (unless you take the amount rolled over out of
the Roth IRA within 5 years, counting from January 1 of the year of the rollover). For payments from the plan during 2010 that are rolled over to a
Roth IRA, the taxable amount can be spread over a 2-year period starting in 2011.
If you roll over the payment to a Roth IRA, later payments from the Roth IRA that are qualied distributions will not be taxed (including earnings
after the rollover). A qualied distribution from a Roth IRA is a payment made after you are age 59 1/2 (or after your death or disability, or as a
qualied rst-time home buyer distribution of up to $10,000) and after you have had a Roth IRA for at least 5 years. In applying this 5-year rule,
you count from January 1 of the year for which your rst contribution was made to a Roth IRA. Payments from the Roth IRA that are not qualied
distributions will be taxed to the extent of earnings after the rollover, including the 10% additional income tax on early distributions (unless an
exception applies). You do not have to take required minimum distributions from a Roth IRA during your lifetime. For more information, see IRS
Publication 590, Individual Retirement Arrangements (IRAs).
2768-BENCOR (rev. 5/13) (Page 4 of 4)
If you are not a plan participant:
Payments after death of the participant. If you receive a distribution after the participant’s death that you do not roll over, the distribution will
generally be taxed in the same manner described elsewhere in this notice. However, the 10% additional income tax on early distributions and the
special rules for public safety ofcers do not apply, and the special rule described under the section “If you were born on or before January 1, 1936”
applies only if the participant was born on or before January 1, 1936.
If you are a surviving spouse: If you receive a payment from the plan as the surviving spouse of a deceased participant, you have the same
rollover options that the participant would have had, as described elsewhere in this notice. In addition, if you choose to do a rollover to an IRA,
you may treat the IRA as your own or as an inherited IRA.
An IRA you treat as your own is treated like any other IRA of yours, so that payments made to you before you are age 59 1/2 will be subject to
the 10% additional income tax on early distributions (unless an exception applies) and required minimum distributions from your IRA do not
have to start until after you are age 70 1/2.
If you treat the IRA as an inherited IRA, payments from the IRA will not be subject to the 10% additional income tax on early distributions.
However, if the participant had started taking required minimum distributions, you will have to receive required minimum distributions from
the inherited IRA. If the participant had not started taking required minimum distributions from the plan, you will not have to start receiving
required minimum distributions from the inherited IRA until the year the participant would have been age 70 1/2.
If you are a surviving beneciary other than a spouse: If you receive a payment from the plan because of the participant’s death and you
are a designated beneciary other than a surviving spouse, the only rollover option you have is to do a direct rollover to an inherited IRA.
Payments from the inherited IRA will not be subject to the 10% additional income tax on early distributions. You will have to receive required
minimum distributions from the inherited IRA.
Payments under a qualied domestic relations order. If you are the spouse or former spouse of the participant who receives a payment from the plan
under a qualied domestic relations order (QDRO), you generally have the same options the participant would have (for example, you may roll over
the payment to your own IRA or an eligible employer plan that will accept it). Payments under the QDRO will not be subject to the 10% additional
income tax on early distributions.
If you are a nonresident alien:
If you are a nonresident alien and you do not do a direct rollover to a U.S. IRA or U.S. employer plan, instead of withholding 20%, the plan
is generally required to withhold 30% of the payment for federal income taxes. If the amount withheld exceeds the amount of tax you owe (as
may happen if you do a 60-day rollover), you may request an income tax refund by ling Form 1040NR and attaching your Form 1042-S. See
Form W-8BEN for claiming that you are entitled to a reduced rate of withholding under an income tax treaty. For more information, see also IRS
Publication 519, U.S. Tax Guide for Aliens, and IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.
Other special rules:
If a payment is one in a series of payments for less than 10 years, your choice whether to make a direct rollover will apply to all later payments in the
series (unless you make a different choice for later payments).
If your payments for the year are less than $200, the plan is not required to allow you to do a direct rollover and is not required to withhold for federal
income taxes. However, you may do a 60-day rollover.
Unless you elect otherwise, a mandatory cash-out of more than $1,000 will be directly rolled over to an IRA chosen by the plan administrator or the
payor. A mandatory cash-out is a payment from a plan to a participant made before age 62 (or normal retirement age, if later) and without consent,
where the participant’s benet does not exceed $5,000 (not including any amounts held under the plan as a result of a prior rollover made to the plan).
You may have special rollover rights if you recently served in the U.S. Armed Forces. For more information, see IRS Publication 3, Armed Forces’
Tax Guide.
FOR MORE INFORMATION
You may wish to consult with the plan administrator or payor, or a professional tax advisor, before taking a payment from the plan. Also, you can
nd more detailed information on the federal tax treatment of payments from employer plans in: IRS Publication 575, Pension and Annuity Income;
IRS Publication 590, Individual Retirement Arrangements (IRAs); and IRS Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans). These
publications are available from a local IRS ofce, on the web at www.irs.gov, or by calling 1-800-TAX-FORM.
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BENCOR FICA Alternative Plan Distribution Request (University of West Florida)

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Completed 22 July 2020

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