Guiding your Financial Decision with Ministry Minded Experts
Is This Right for Me and my Staff?
What Are the Benefits of a 403(b)(9) Plan for me?
Plans offer retired ministers the ability to have retirement distributions designated as housing allowance
If you’ve retired from ministry, you need to know the benefits that are available to you.
All employees are eligible
All employees of the church are eligible unless specifically stated otherwise.
What are the tax advantages?
There are plenty of tax advantages. Here are a few:
- Employer contributions are not subject to Social Security tax or income tax at the time of the contribution.
- Tax-sheltered participant contributions are not subject to income tax until distributed.
- Tax-sheltered participant contributions by ministers are not subject to Social Security tax.
- Rollovers from other eligible retirement plans or Traditional IRAs are possible without tax consequence.
- Earnings on all contributions and rollovers are tax-deferred.
- Earnings on Roth elective deferral contributions can be withdrawn tax-free if certain conditions are met.
- Retirees who are ministers may have retirement benefits designated as a tax-free housing allowance within legal limits.
Types of plan contributions
- Participants can make tax-sheltered, after-tax, or Roth elective deferral contributions.
- Employers can make a tax-sheltered contribution on behalf of their employees.
The Kingdom Approach
One of our expert advisors will sit down with you or your staff for a complimentary consultation. We’ll get to know you first, what your goals are, where you stand financially, and how you envision your future.
We will then educate you about the benefits and options you have as well as map out your unique personal goals.