CHURCH BENEFITS BOARD 403(B) RETIREMENT PLAN

While “retirement” may look different for you than it does for your friend or neighbor, the common thread is that it takes planning and preparation. The Church Benefits Board 403(b) Retirement Plan is a type of church retirement plan that has distinctive advantages for those who participate:

INVESTMENT OPTIONS

The plan offers a variety of investment options including target date funds and risk-based models.

HOUSING ALLOWANCE FOR CLERGY

When participating in a sponsored church plan, you may be eligible to reduce your taxable income-even after retirement. The Church Benefits Board 403(b) Retirement Plan is a “Church Plan” as recognized by the IRS. This means it may be possible for you to claim a ministerial housing allowance on your withdrawals. This benefit is not available with an IRA (individual retirement account) or most other plans. Only one set up as a Church Plan can offer this tax advantage. Learn more about the housing allowance advantage for clergy.

FIDUCIARY RESPONSIBILITY

With this plan, all fiduciary responsibility for the investment lineup is taken care of by the Church Benefits Board and the Investment/Finance Committee.

FEES

The fee for CBB and Empower to administer the plan is 79 basis points (bps). The total expense ratio for a majority of our CBB investment options is between 81 – 91 bps. Therefore, the retirement fees for a majority of our participants are less than 1%.

VESTING

All employee and employer contributions are 100% vested. This means that all contributions are yours immediately, regardless of how long you’ve been a plan participant.

FINANCIAL ADVICE AT NO ADDITIONAL COST

Church Benefits Board partners with the Empower Retirement Solutions Group to offer FINRA licensed, personalized financial and retirement savings advice for all plan participants. There is no additional fee for this value-added service, and advice is effective immediately. These advisors will assist you with questions related to your current investments, housing allowance, rollovers, distributions, and offer you robust advice. Learn more about Financial Advice.

FINANCIAL PLANNING AT NO ADDITIONAL COST

Church Benefits Board (CBB) participants can meet with one of Empower’s CFP® professionals to build a comprehensive financial plan, free-of-charge. Learn more about Financial Planning.

New for ALL CBB participants: Now until December 31, 2024, when you complete your financial plan with Empower, CBB will add $500* to your retirement account. CBB is providing this financial planning incentive through generous grant support. Our goal is to encourage all of our participants to improve their financial well-being by building a financial plan.

*This incentive is available while funds last, so do not delay. Schedule your financial planning appointment today.

ACCOUNT MANAGEMENT

Accounts are administered through Empower Retirement, the second-largest retirement services provider in the United States.

Video: Welcome to Empower

BENEFITS BOOK

Our most recent Benefits Book includes an overview of our 403(b) Retirement Plan, Insurance Options, and financial wellness programs and resources. View the Benefits Book.

QUESTIONS? WE ARE HERE TO HELP.

If you have questions about retirement, insurance, or any other benefits, contact the Church Benefits Board team.