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FICA Alternative Plan 101
A FICA Alternative Plan is a type of 3121 retirement plan for your seasonal, part-time, and temporary employees that replaces Social Security. Employers avoid the matching 6.2% Social Security contribution, replacing it with an impactful benefit for employees.
Benefits To The Employer
- Employer saves the matching 6.2% Social Security Contribution
- Plan administration, compliance, and education handled by MidAmerica
- Unique retirement benefit attracts talent
- Dedicated account management
- 24/7 online plan access—download plan documents, monitor account transaction, and generate reports
Benefits To The Employee
- 7.5% of wages are contributed on pre-tax basis
- Employee empowerment through valuable retirement plan
- Funds are invested, which means increased value due to earnings over time
- Investments may be self-directed to meet personal retirement goals
- National customer service center provides unparalleled service
Investments
- Funds are invested to grow tax-deferred
- Guaranteed minimum rate of return
- Variable options available
- Invested with high-performing investment provider that has earned an A+ (Superior) financial rating from A.M. Best Co. and an AA- from Standard & Poor’s