Terminal Pay

BENCOR Special Pay Plan

Terminal Pay Benefits

A regular full-time employee, upon application after 10 years of creditable service in a retirement plan established by the Florida Legislature, shall be entitled to terminal pay at the time of:

  1. normal retirement or early retirement
  2. disability retirement
  3. termination

If termination is by death of the employee, the ten years of creditable service in a retirement plan established by the Florida Legislature will not be required and payment will be made to the employee’s beneficiary.

See contract language for information on how the amount of terminal pay shall be computed at the Compensation & Labor Relations website.

  • Instructional employees: TALC Contract 12.04 Terminal Pay Benefits
  • Support Employees: SPALC Contract 12.12 Terminal Pay Benefits

Terminal Pay Distribution

Administrator, TALC and STC (Supervisory, Technical, Confidential salary schedule N) employees who have terminal pay of $1,000 or more shall have all eligible funds placed in the Special Pay Plan (Bencor) subject to the specific provisions of the plan.

Support employees under the SPALC bargaining unit are not participants in the Special Pay Plan, terminal pay will be distributed per contract language directly to the employee. These employees may choose to set up a one-time lump sum distribution into a tax deferred account subject to maximum yearly pre-tax contribution limits. A form must be completed and sent into the Lee County Schools Insurance and Benefits department. Payroll will then calculate your terminal pay amount and if the amount is within the maximum yearly limit, deposit into the account based on the form submission.

Form submission must be completed prior to resignation/retirement date.