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Overview

In order to assist its employees in ensuring that they have enough funds set aside for their retirement years, the National Association of Free Will Baptists, Inc. established the Retirement Pension Plan of the National Association of Free Will Baptists (“Plan”). This Plan has been amended and restated, effective January 1, 2015. The Plan is intended to provide retirement security to Free Will Baptist ministers and other eligible employees. It allows your employer to set funds aside for your retirement. In addition, it enables you to set aside a portion of your earnings in a tax-advantaged manner during your working years.

The Plan is a church retirement income account program described in section 403(b)(9) of the Internal Revenue Code. The Internal Revenue Code permits denominations and churches to set up retirement plans designed to permit you and your employer to accumulate retirement savings. The Plan takes full advantage of these special tax rules.

You are eligible to participate in the Plan if you are working at least 20 hours a week for an eligible employer that has agreed to participate in the Plan (“Participating Employer”). An eligible employer includes any Free Will Baptist church or agency. In addition, Free Will Baptist ministers who are evangelists or otherwise self-employed and the spouses of Free Will Baptist missionaries are eligible to participate in the Plan without regard to the number of hours they work a week.

If you are eligible to participate as described above, you can become a participant in the Plan upon submitting an Enrollment Agreement to the Board. You must also agree to a minimum monthly contribution of at least $10.

403(b) approved plan

Our 403(b) 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.

Flexible contributions

One can begin with as little as $10 monthly. Generally, the maximum contribution allowable is 100% of taxable income or $54,000, 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 (check with your state leaders) and with the Randall House Rewards Program where a percentage of your Sunday School curriculum order is deposited into your account.

Prospectus

Our Prospectus outlines in detail our plan and investment options.  You can view our Prospectus here.

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