U.S. BENCOR/MidAmerica

What U.S. BENCOR/MidAmerica does

U.S. BENCOR/MidAmerica (USBMA) is a U.S. financial services firm that administers retirement and benefits plans exclusively for public sector employers, including schools, cities, counties, and public safety agencies. The company was formed in 2022 through the combination of two predecessor firms, BENCOR and MidAmerica Administrative & Retirement Solutions, each with roughly 30 years of prior operating history. USBMA operates as a Partner Firm under the U.S. Retirement & Benefits Partners holding structure, headquartered in Lakeland, Florida with 51-100 employees.

The company's product portfolio targets the structural cost pressures unique to public employers. Its core offerings include a FICA Alternative Plan that diverts the 7.5% Social Security contribution for seasonal, part-time, and temporary workers into a tax-deferred investment account while eliminating the employer's 6.2% matching obligation; defined contribution HRAs (dcHRA) and retiree HRAs (rHRA) that convert unused sick leave and vacation pay into tax-advantaged medical expense funding; Employer Sponsored and Special Pay Plans that channel accrued leave into retirement vehicles; and standard HRAs and FSAs for active employees. Plan administration is delivered through dedicated account management teams, specially-trained customer service representatives, and online participant portals maintained under both legacy and unified brands during the integration period.

USBMA generates revenue through managed services fees on the retirement and benefits plans it administers for public sector clients. Pricing is quote-based rather than publicly disclosed. Go-to-market is sales-led and relationship-driven, targeting enterprise public sector buyers through direct account management and a national footprint enabled by the U.S. Retirement & Benefits Partners partnership. The company cites client outcomes of millions of dollars in annual payroll tax savings as its primary value proposition for acquiring and retaining public sector accounts.

Name

U.S. BENCOR/MidAmerica

Legal name

U.S. BENCOR/MidAmerica

Website

https://bencormidamerica.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Short description

U.S. BENCOR/MidAmerica administers retirement and benefits plans exclusively for U.S. public sector employers, including schools, cities, counties, and public safety agencies, offering FICA Alternative Plans, HRAs, FSAs, and leave-conversion retirement vehicles through dedicated account management and online portals.

Ownership category

akta.pro rank

Product category

Public Sector Benefits Administration

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120), Pension Funds (525110)

SIC

Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industries

Benefits Administration (BPACAPAC), Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Benefits Administration & Enrollment Support (BPAAAIAB)

Keywords

• Public sector benefits administration
• Retirement plan administration
• FICA alternative plans
• Health reimbursement arrangements
• Government employee benefits

Headquarters

HQ city

Lakeland

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Benefits Administration Services: Administrative services for retirement and benefits plans serving public sector employers. Revenue appears to be generated through administrative fees for managing retirement plans, HRAs, FSAs, and other benefit programs for schools, cities, counties, and public safety agencies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

U.S. BENCOR/MidAmerica administers retirement and benefits programs exclusively for public sector employers, including schools, cities, counties, and public safety agencies. The company delivers FICA Alternative Plans, defined contribution HRAs, retiree HRAs, employer-sponsored and special pay retirement plans, and standard HRAs and FSAs. These products help public sector employers reduce payroll tax liabilities, convert unused accrued leave into retirement savings, and provide tax-advantaged medical expense benefits.

Product overview

U.S. BENCOR/MidAmerica provides a comprehensive suite of retirement and benefits administration solutions exclusively for the public sector. The company offers a portfolio of interconnected products including the FICA Alternative Plan for seasonal workers, multiple HRA variants (dcHRA, rHRA) for active and retiree medical expense coverage, and leave-based savings vehicles (Employer Sponsored Plan, Special Pay Plan) that enable employers to convert unused sick leave and vacation pay into tax-advantaged investment accounts. Additionally, the company provides standard benefits administration tools including HRAs and FSAs for active employees. These products work together to help public sector employers attract and retain talent while managing benefits costs and accrued leave liabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• FICA Alternative Plan A Social Security alternative specifically designed for seasonal, part-time, and temporary workers. Instead of paying into Social Security, 7.5% of employee wages are contributed pre-tax to an investment account for potential growth, allowing employers to avoid the matching 6.2% Social Security contribution. For public sector employers including schools, cities, counties, and public safety agencies.
• Defined Contribution HRA (dcHRA) Accumulates employer dollars on a tax-free basis while the employee is actively working, with funds used upon retirement for tax-free reimbursement of eligible medical expenses. Funds are invested for potential tax-free growth and vesting schedules can incentivize employee retention. For public sector employers.
• Employer Sponsored Plan Enables employers to make deposits into employee accounts with dollar equivalents of unused sick leave, unused vacation pay, or other compensation incentives. Funds are invested to potentially grow over time and become available upon meeting IRS age requirements. For public sector employers.
• Special Pay Plan Similar to the Employer Sponsored Plan, this enables employers to deposit dollar equivalents of unused leave or other compensation into employee accounts for investment and future distribution. For public sector employers.
• Retiree HRA (rHRA) Utilizes unused sick and vacation pay to fund an HRA designed to reimburse retirees tax-free for qualified medical expenses. Employers can establish one or more of these plans, diverting unique forms of compensation into multiple funding buckets. For public sector employers.
• Health Reimbursement Arrangements (HRAs) Triple tax-free benefit that covers eligible medical expenses during active employment and retirement. HRAs are strictly employer-funded with tax-free contributions that can include unique funding sources such as unused sick leave and vacation pay. Can be designed for active employees or to accumulate healthcare dollars for retirement. For public sector employers.
• Flexible Spending Accounts (FSAs) Allows employees to be reimbursed tax-free for eligible medical expenses incurred throughout the plan year. Funded by employee dollars deducted pre-tax from their paychecks. For public sector employers.

Quantifiable outcome

• Employers avoid 6.2% Social Security matching contribution through FICA Alternative Plan
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• U.S. Retirement & Benefits PartnerscoreStrategic or Co-development PartnerUSBMA is a Partner Firm under the U.S. Retirement & Benefits Partners umbrella. This partnership opens up national resources that advance technology, service, and administrative capabilities. When MidAmerica became a member of the U.S. Retirement & Benefits Partners family, it made sense to combine BENCOR and MidAmerica to create an unbeatable organization.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Public Agency Retirement Services (PARS): PARS provides retirement plan administration, OPEB trusts (HRAs for retiree medical), and Section 115 trust programs exclusively for public agencies. It overlaps USBMA's rHRA/retiree-medical and public-sector retirement plan focus.
• TASC (Total Administrative Services Corporation): TASC is a third-party administrator of FSAs, HRAs, and compliance benefits (COBRA, HSA) for employers. It is directly comparable to USBMA as a multi-product benefits TPA serving employer plans with similar FSA/HRA administration mechanics.
• BeneSys: BeneSys is a third-party administrator providing benefit fund administration, claims, and eligibility services primarily to public sector and multi-employer trust funds. Like USBMA, it serves public sector/union benefit plans with TPA services.
• Ameriflex: Ameriflex administers FSAs, HRAs, HSAs, and commuter benefits for employers and individuals. It competes head-to-head with USBMA on HRA/FSA administration and consumer-driven benefit accounts.
• Further: Further is a benefits administrator providing consumer-directed benefits (FSAs, HRAs, HSAs) and retirement plan services to employers. It competes with USBMA on HRA/FSA administration and small/mid-market retirement plans.
• WEX Health: WEX Health (formerly Benefits Strategies and a key ConnectYourCare acquirer) is a leading HSA, HRA, FSA, and COBRA administrator with a consumer account platform. It is a scaled direct competitor to USBMA's HRA/FSA administration business.
• ICMA-RC (MissionSquare Retirement): MissionSquare Retirement (formerly ICMA-RC) provides retirement plan administration (401/457), HSAs, and supplemental benefits exclusively to public sector employers. It is one of USBMA's most direct public-sector-specialized peers.

Broad incumbents

• BenefitMall: BenefitMall is a large benefits broker and payroll/HR services provider offering benefits administration across employers. It overlaps USBMA's employer benefits admin services but operates much more broadly across brokerage and payroll.
• Mercer (Marsh McLennan): Mercer offers benefits consulting and large-scale benefits administration services to public sector and corporate employers, complementing its consulting practice. It competes with USBMA for large municipal and public agency benefits administration contracts.
• HealthEquity: HealthEquity is the largest HSA custodian and consumer-directed benefits administrator in the U.S., offering HSAs, HRAs, FSAs, and COBRA. It is a scaled adjacent competitor in HRA/FSA administration but at significantly greater scale than USBMA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about U.S. BENCOR/MidAmerica