Church Benefits Board 403(b)(9) 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)(9) Retirement Plan is a type of church retirement plan that has distinctive advantages for those who participate:
403(b)(9) RETIREMENT PLAN INVESTMENT OPTIONS
The Church Benefits Board 403(b)(9) Retirement Plan offers a variety of investment options including target date funds, risk-based funds, and do-it-yourself options. Current participants who have questions about which investment option is best for them can call Empower at (866) 467-7756 for free investment advice.
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)(9) 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.
The housing allowance benefit is not available with an IRA (individual retirement account) or most other plans. Only one set up as a “Church Plan” can offer the housing allowance 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 Church Benefits Board and the Investment/Finance Committee.
FEES
The fee for Church Benefits Board (CBB) and Empower to administer the retirement plan is 77 basis points (bps). The total expense ratio for a majority of our CBB investment options is an average of 96bps. 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 Empower 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.
FREE FINANCIAL PLANNING
Active participants of the Church Benefits Board 403(b)(9) Retirement Plan (“CBB 403(b)(9) Plan”) can meet with one of Empower’s CFP® professionals to build a comprehensive financial plan, free-of-charge.
When an active participant of the CBB 403(b)(9) Plan completes their financial plan with Empower, Church Benefits Board (CBB) will add $500 to their Church Benefits Board 403(b)(9) retirement account* **. CBB provides 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.
*The $500 incentive is available while funds last.
**The $500 incentive is processed on a quarterly basis. Deposits of the $500 incentive into a participant’s Church Benefits Board 403(b)(9) retirement account can take up to 90 days.
What’s your plan? To learn more about the financial planning process, visit our Financial Planning page.
ACCOUNT MANAGEMENT
Accounts are administered through Empower, the second-largest retirement services provider in the United States.
BENEFITS BOOK
The Benefits Book includes an overview of our 403(b)(9) retirement plan, insurance options, 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. We also have a page of frequently asked questions.