Start Planning For Your Retirement
No matter where you are in your career, the best time to start planning and saving for retirement is now. Let me encourage you, if you don’t have a plan for retirement, start one today. Our plan offers a convenient and effective way to plant a seed for the future and prepare for the retirement years. This plan is convenient because it allows you to easily save through payroll deduction and/or automatic bank draft.
Our plan offers a convenient and effective way to plant a seed for the future and prepare for the retirement years
The Board of Retirement is a denominational agency of the National Association of Free Will Baptists. For over four decades we have been dedicated to the ministry of providing a retirement plan for FWB ministers, missionaries, and other denominational employees.
Our mission has been to provide retirement benefits to those who serve our denomination – a mission we have kept without exception. This responsibility drives our commitment to provide solid retirement solutions without sacrificing the Christian values we share with our people.
Take Full Advantage with Our Plan
403(b)(9) Approved Plan
Our 403(b)(9) plan is approved by the IRS for all employees of Free Will Baptist Churches or Church Organizations.
Tax deferred contributions
Take advantage of tax deferred contributions to the Plan. Tax deferred contributions are not to be included in gross “reportable” income for tax purposes. Since the tax deferred contributions and interest are tax deferred, they will only be subject to taxes when the money in your account is distributed to you.
One can begin with as little as $10 monthly. Generally, the maximum contribution allowable is 100% of taxable ministerial income or $56,000 (2019), whichever is less. However, special “catch-up” provisions are available to certain participants. For an explanation of the catch-up provisions, please request Publication 571 from your nearest IRS office, or contact the Board of Retirement.
Personal and Employer Contributions
Participants may contribute personal “after-tax” funds. These contributions must be made by personal check or automatic bank draft from the participant’s personal checking account. Contributions can also be made by Salary Reduction or by direct contributions from the employer, i.e. the church or church-related entity. The employer (church/church agency) is permitted to contribute to the participant’s retirement account as an added compensation benefit without such being taxable to the participant. All church checks must be payable to the Board of Retirement. NO PERSONAL CHECKS CAN BE ACCEPTED FOR SALARY REDUCTION OR EMPLOYER CONTRIBUTIONS.
Other funds that may be available
Participants may find other funds available to them through State Association plans, i.e. co-op plans (check with your state leaders). Randall House Rewards Program is also available, where a percentage of your Sunday School curriculum order is deposited into your account.