Regular Baptist Ministries is excited to announce that enrollment is now open for a national 403(b)9 retirement plan designed specifically for the pastors and employees of GARBC churches. With this plan, the GARBC enables each of its churches to have access to savings and investment options at a scale and quality comparable to an employer with more than 1,000 workers. “Setting up an effective retirement plan that complies with IRS regulations can be extremely complex and expensive for a church on its own,” says Mark Johnson, GARBC treasurer and controller. “A group plan offers simple, low-cost access to high-quality investments along with the services and features typically found in large organizations. The feedback we received on this idea made it clear that providing an accessible retirement plan for churches fills an immense void in the long-term financial security of pastors and vocational Christian workers. It’s one of the most tangible and personal ways that we, by joining together as a fellowship, can serve those who dedicated their lives serving others.”
Regular Baptist Ministries is also is pleased to announce that Servant Solutions of Anderson, Indiana, has been selected to fill the role of plan administrator and Capital Management, Inc. of Bloomington, Minnesota, will serve as plan advisor. Servant Solutions, a nonprofit ministry exclusively serving churches and faith-based organizations, is uniquely and expertly positioned to partner with us on the administration of the plan and provide world-class service with fees significantly lower than the industry average.
Benefits of the GARBC 403(b)9 plan include the following:
- Investment options tailored for the needs and career stage of each participant
- Access to personal and confidential advisory services by licensed investment professionals who specialize in ministerial and church staff retirement planning
- Available housing allowance designation for qualified ministers, including the ability to roll over certain preexisting accounts that would not have this provision
- *All accounts 100 percent owned by the individual with no vesting schedule or other restrictions required by the plan sponsor
- Open and flexible with no fees to transfer funds in or out of the plan, no front or back loads (onetime charges) when investing or withdrawing funds, and no other significant restrictions except those that are imposed by the IRS to maintain the tax advantages of the plan
- Individual churches choose when and how much to match employees’ contributions
- Online portal for access to accounts as well as retirement planning tools, information about markets and trends, updates on taxes and IRS requirements, and much more
- Free templates and guidelines for long-term financial, legal, and estate planning, enabling you to customize and create a will, living will, power of attorney, and other important legal documents on your own
*Employer contributions may be subject to a vesting schedule if the employer (your church) chooses that option. The plan itself imposes no vesting schedule or restrictions.