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:
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.
With this plan, all fiduciary responsibility for the investment lineup is taken care of by the Church Benefits Board and the Investment/Finance Committee.
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%.
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 build a full financial plan with a Certified Financial Planner (CFP) at Empower Retirement. Your dedicated financial planner will arrange an appointment, collect necessary data and information, and develop a personalized plan via Money Guide Pro. Your financial planner will review the plan with you on an annual basis, and is available throughout the year for questions and advice. CBB provides this service free-of-charge for all active participants. Learn more about Financial Planning.
Accounts are administered through Empower Retirement, the second-largest retirement services provider in the United States.
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.