Table of Contents
GENERAL INFORMATION | ELIGIBILITY | THE PLAN | OTHER BENEFIT OPTIONS
GENERAL INFORMATION
Who is the Church Benefits Board (CBB)?
The Church Benefits Board (“CBB”) is a ministry of the Cooperative Baptist Fellowship (“CBF”) that provides retirement and other benefits to ministers and staff of CBF churches and organizations sharing common religious bonds and convictions with CBF.
CBB administers the Church Benefits Board, Inc. 403(b)(9) Plan and Trust (“CBB 403(b)(9) Plan”), and partners with a broker who can assist employers in securing health, dental, group life, long term disability and accidental death and dismemberment insurance specifically designed for employees and clergy members of churches, religious institutions, and faith-based organizations.
Does my church need to be affiliated with the Cooperative Baptist Fellowship to participate in the CBB 403(b)(9) Plan?
Not necessarily. CBB is proud to serve a wide range of Protestant churches and non-profit organizations that share common religious bonds and convictions with CBF.
Can a church participate in more than one 403(b) plan?
Churches can contribute to more than one 403(b) plan. We have many churches who contribute to one or more 403(b)(9) plans. Some churches give their employees the freedom to choose their retirement plan.
How do I enroll with Church Benefits Board (CBB)?
Visit churchbenefits.org/enroll and complete the Enrollment Interest Form. This will inform the CBB team what type of benefits you need and if your church is already a participating employer.
What is a housing allowance?
Housing allowance is the amount of compensation from ministerial services that active (and retired) ministers use to pay for housing-related expenses. Housing allowance amounts can be excluded from federal gross income as described in Section 107 of the Internal Revenue Code and related regulations.
Housing allowance amounts must be designated in advance of receipt by the minister’s employer. IRS Revenue Ruling 75-22 allows denominational benefit boards such as CBB to designate retired ministers’ 403(b)(9) plan distributions as eligible for the housing allowance exclusion from federal gross income. The amount of the retirement plan distribution used to provide housing and related expenses (within certain IRS limits) can be excluded from a retired minister’s federal gross income. Learn more about the housing allowance advantage for clergy.
ELIGIBILITY
Does my church need to be affiliated with the Cooperative Baptist Fellowship to participate in the CBB 403(b)(9) Plan?
Not necessarily. CBB is proud to serve a wide range of Protestant churches and non-profit organizations that share common religious bonds and convictions with CBF.
Can I enroll in the CBB 403(b)(9) Plan without my church or employer being involved?
The CBB 403(b)(9) Plan is an employer-sponsored retirement plan. In most cases, you need to enroll with CBB through your church or employer. However, if you are a self-employed minister, you may be able to enroll individually (see next question).
Can I enroll in the CBB 403(b)(9) Plan if I am a self-employed minister?
If you serve as a CBF self-employed minister (performing ministerial duties) and receive 1099 income as an independent contractor, you may be eligible to enroll in the CBB 403(b)(9) Plan as your own employer.
If I have already retired, can I begin participating in the CBB 403(b)(9) Plan?
It depends. In most cases, you need to be enrolled in the CBB 403(b)(9) Plan before you retire. If you are a self-employed minister (see previous question), you may be eligible to enroll as your own employer. Complete the Enrollment Interest Form at churchbenefits.org/enroll and a CBB representative will assist you in determining if you can participate in the CBB 403(b)(9) Plan.
CBB 403(b)(9) RETIREMENT PLAN
Does the CBB 403(b)(9) Plan have a summary document?
Yes! You can view the Summary Plan Description at churchbenefits.org/spd.
Can I roll funds from a retirement plan at another institution into the CBB 403(b)(9) Plan?
Yes. CBB 403(b)(9) Plan participants can roll amounts from other eligible 403(b)s, 401(k)s, and similar retirement plans into the CBB 403(b)(9) Plan. After you submit a Rollover Support Ticket, an Empower representative will contact you within 24-72 hours to initiate a three-way call with the other retirement provider and shepherd the rollover process.
Who is Empower?
Empower is the second largest retirement plan record keeper in the United States. Empower assists in administering the CBB 403(b)(9) Plan by enrolling new plan participants, processing contributions and distributions, and providing access to FINRA licensed advisors who are available to answer specific questions and give advice about your CBB 403(b)(9) Plan account.
How do I begin contributing to the CBB 403(b)(9) Plan account through payroll deduction/salary deferral?
Complete a Salary Reduction Agreement and give this document to the person at your organization who manages payroll. Your employer will then make the adjustments to your pay and submit your salary deferral contributions to your CBB 403(b)(9) Plan account.
Does the CBB 403(b)(9) Plan offer a Roth contribution option?
In addition to contributing to your CBB 403(b)(9) Plan on a pre-tax basis, participants can also make salary deferral contributions as designated Roth (after-tax) contributions. Interested in making Roth contributions? Complete our Roth Interest Form.
How do contributions get submitted to my CBB 403(b)(9) Plan account?
A representative from your church or employer (usually the financial administrator) has access to the Empower Plan Service Center. The administrator will submit contributions through the Empower Plan Service Center directly to your CBB 403(b)(9) Plan account.
How do I log in to my CBB 403(b)(9) Plan account?
Access your account anytime using the Empower app or the Empower website. Forgot your login information? Use the “Forgot Username/Password” button on the login page or call Empower at (866) 467-7756.
Is designating a beneficiary for my CBB 403(b)(9) Plan account important?
Absolutely! This is one of the most important steps you take when logging into your CBB 403(b)(9) Plan account with Empower. It is incredibly important to make sure your account balance distributed to the individual(s) you wish upon your death.
Who do I contact if I have questions about my CBB 403(b)(9) Plan account?
CBB 403(b)(9) Plan participants can access their retirement accounts online at www.empowermyretirement.com. For retirement questions, call Empower at (866) 467-7756.
Can Empower help me build a financial plan?
CBB 403(b)(9) Plan participants can meet with one of Empower’s Certified Financial Planners® to build a comprehensive financial plan, free-of-charge. To learn more about the process and to schedule an appointment with Empower visit churchbenefits.org/financialplanning.
Will I have access to a variety of investment options in the CBB 403(b)(9) Plan?
The CBB 403(b)(9) Plan offers a variety of investment options including target date funds, risk-based funds, and do-it-yourself options. If you have questions about which investment option is best for you, call Empower at (866) 467-7756 for free investment advice.
When will I become fully vested in the money in my CBB 403(b)(9) Plan account?
All employee and employer contributions are immediately 100% vested. This means that all contributions are yours regardless of how long you have been a plan participant.
When can I start withdrawing money from my CBB 403(b)(9) Plan account?
Withdrawals can begin once you reach age 59½ without incurring early withdrawal penalties. However, there may be certain circumstances, such as disability or hardship, where earlier access is permitted. Learn more about distribution options by reviewing the Summary Plan Description.
Can distributions from the CBB 403(b)(9) Plan be designated as housing allowance eligible?
Retired licensed, commissioned, or ordained CBF clergy and missionaries who contributed to the CBB 403(b)(9) Plan during the exercise of their ministry are eligible to have Plan distributions designated as eligible for the housing allowance exclusion from federal gross income.
Can I take a hardship distribution from my CBB 403(b)(9) Plan account?
Yes. The CBB 403(b)(9) Plan allows hardship distributions upon the occurrence of certain events. For information on eligibility and available funds, call Empower at (866) 467-7756 to determine how much is eligible to be taken out as a hardship distribution.
Can I borrow from my CBB 403(b)(9) Plan account?
Yes. The CBB 403(b)(9) Plan permits you to take one loan at a time from your account balance. For information on eligibility and available funds, login to your Empower account or call Empower at (866) 467-7756 to determine how much is eligible to be taken as a loan.
What happens to my CBB 403(b)(9) Plan account balance if I leave my current employer?
The amount in your CBB 403(b)(9) Plan account is yours, even if you change jobs. CBB may be able to serve you at your next place of ministry. If you plan to change employment, please contact CBB at churchbenefits@churchbenefits.org.
OTHER BENEFIT OPTIONS
Do I need a CBB 403(b)(9) Plan account to participate in group life, LTD and AD&D insurance?
Good news! You can participate in the group life, LTD, and AD&D insurance without being a CBB 403(b)(9) Plan participant, and vice versa. If you are interested in enrolling, visit churchbenefits.org/enroll and complete the Enrollment Interest Form.
Does Church Benefits Board (CBB) offer health, vision, and dental insurance?
CBB partners with the Hilb Group to offer health insurance solutions for individuals and congregations. Let CBB know of your health insurance needs and questions via the enrollment interest form. After you submit the form, a health insurance broker will contact you.
Who do I contact if I have questions about group life, long term disability (“LTD”) and accidental death and dismemberment (“AD&D”) insurance?
CBB participants can access their group life, LTD & AD&D insurance information online by visiting Employee Navigator. If you have questions about these benefit plans, please email helpdesk@churchbenefits.org.