OBRA or the Omnibus Budget Reconciliation Act of 1990 is a Massachusetts state mandated employee-funded 457 deferred compensation plan for part-time, seasonal, and/or short-term public employees. In other words, any municipal employees who are not eligible for city pensions, must contribute to this alternative plan.
What is Bencor?
Bencor is the company who administers the 457B FICA Alternative (OBRA) plan for the City of Malden part-time, seasonal, and/or short-term public employees.
How do I check my Bencor/OBRA balance?
Checkcurrent balance and past statements by visiting Bencorplans.com or by calling 1-866-296-9712.
I've left employment with the City of Malden, now what?
It is important to act fast after leaving employment as OBRA accounts are subjected to monthly fees and if the account sits for long enough an account can be depleted. Exited employees have two (2) options:
Distribution of funds - please be aware that when cashing out this benefit, taxes will be applied
Rollover of funds - funds can be transferred to other eligible retirement savings accounts