| This
information should not be considered tax or legal advice. The Board of
Pensions stands ready to assist your organization as you work with your
legal and tax advisers by providing resource information that you and
your adviser may find beneficial. |
The
Church
of
God Retirement Plan, an Internal Revenue Code Section 403(b)(9) plan, provides
ministers and employees who serve Church
of God
(Anderson) churches and organizations a way to invest tax-sheltered
money for their future retirement years. While similar to other 403(b)
and 401(k) plans, this 403(b)(9) plan is not subject to certain
statutory requirements, such as the annual IRS Form 5500 reporting.
In
this plan, eligible participants enjoy a wide range of plan features and
investment options. Additionally,
the retirement plan offers the designation of some or all of a retired
minister’s retirement benefit as a housing allowance, providing a
significant tax advantage over traditional retirement plans.
Who
can participate?
Ministers,
office personnel, maintenance staff, musicians, church-school teachers,
missionaries, university personnel and others who receive W-2 taxable
income from a Church of God (Anderson) church or organization.
Types
of plan contributions
- Participants
can elect to have their employer withhold money from their paycheck
that can be contributed as a tax-sheltered or after-tax
contribution.
- Employers
can make a tax-sheltered contribution on behalf of their employees.
Eligibility
- To be eligible
for participant or employer contributions to the plan, persons must
receive W-2 taxable income from their Church
of God
employer. Participants
can be part-time, full-time or bi-vocational.
Advantages
- Wide-range of
investment choices
- No custodial
fees
- Retired
ministers may have retirement benefits designated as a tax-free
housing allowance within legal limits.
- Employer
contributions are not subject to Social Security tax and income tax
at the time of contribution.
- 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.
- Contributions,
earnings on all contributions and rollovers are tax-deferred.
- Flexible
distribution options
- Required
distributions at age 70 ½ can be delayed if you are still working
Enroll
now
- Call 1-800-844-8983 to
request an enrollment application, or;
- Download
(pdf) and complete a Retirement Plan Membership Application form,
and mail.
Questions?
- Email
us your question: Info@COGpension.org
- Call
1-800-844-8983 Monday-Friday, 8 a.m. to 12
p.m. and 1 p.m. to 4:30 p.m. EST
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