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BENCOR Form for OBRA Distribution

IMPORTANT NOTICE for HOURLY EMPLOYEES
457B FICA Alternative (OBRA) Plan
Managed by BENCOR
1-866-296-9712
 

All hourly employees (temporary, seasonal, or part time) who do not receive benefits from the City of Melrose (including a pension plan) are required by the IRS to contribute money towards retirement savings under an alternative plan called 457B FICA Alternative (OBRA).These funds are deposited into an account in your name and the account belongs to you.

Once your employment with the City ends you have 2 options:

  1. Cashing out the account (payroll taxes and IRS penalties apply),  OR
  2. Transferring the money to another eligible retirement savings account. 

To process these requests you can:

  1. Faster online method: Follow the link (you must create a login) and complete the online form.The City receives the request within 5 mintues  and sends it to BENCOR.
  2. Slower paper method: Complete the "distribution request"  form and mail to Kathryn Armata, Treasurer, 562 Main St, Melrose, MA 02176 to complete the Employer Section and mail to BENCOR.

BENCOR is the administrator of the plan and if you have any further questions you can call them at 1-866-296-9712 (first time callers: select option 3, enter your SSN) or visit www.bencorplans.com.