Advancing Church Retirement Fund Contribution
Center for Church Leadership and Pension Fund of the Christian Church
The Center for Church Leadership has partnered with Pension Fund of the Christian Church to open retirement accounts for ministers who work at an Advancing Church.
As part of this initiative, Advancing Church ministers will receive a $500 retirement contribution into a Pension Fund Tax-Deferred Retirement Account (TDRA). This fund will grow with a guaranteed, competitive base interest rate of between 3%-6%, with additional earnings through Good Experience Credits*. The TDRA is a unique investment product because your account is guaranteed to grow, even in years with poor investment performance. Pension Fund’s prudent investment management protects your money from the stock market’s downside risk.
Both the minister and the minister’s church will have the option to add additional contributions to the retirement account. This can be done by the church through contributions over-and-above the minister’s salary; or it can be do through a voluntary payroll deduction by the minister. These contributions are tax-deferred, which means the minister will not be taxed on any contributions made to the TDRA. Contributions can be in any amount and made according to whatever schedule best suits the church/minister (bi-weekly, monthly, quarterly, annually, etc.).
Withdrawals from the TDRA can begin at age 59 ½. Upon withdrawal, the funds are taxed as ordinary income. Ministers have the option to setup regularly recurring withdrawals in retirement and claim up to a 100% tax-deductible housing allowance on withdrawals, just as they did during their working years.
Advancing Churches will also receive guidance from Pension Fund staff on how they can open retirement accounts for other staff members if they choose. A fully-funded Pension Plan is also available for ministers and church employees which includes and guaranteed monthly retirement payout and death and disability benefits. Talk with your Pension Fund representative for more information.
For over 100 years, Pension Fund’s conservative plan design has been serving the financial needs of ministers in the Stone-Campbell Restoration movement. There are no hidden fees or charges to manage this retirement account. As a Christian Church retirement plan, Pension Fund serves the Church with security, trust and compassion. Learn more at www.pensionfund.org or call 866-495-7322.
*Good Experience Credits are additional interest earnings that can be awarded at the end of every year. In years with favorable investment performance, the Pension Fund Board will award these extra credits to all account holders once sufficient reserves are assured.