Please see the video/document summary of the broader Covenant Pension Plan Reorganization to determine your eligibility status for the 403(b)(9) plan. The Evangelical Covenant Church has set up an account with GuideStone Financial Services to give local Covenant churches and organizations access to a 403(b)(9) option.
Local Covenant churches and organizations may enroll and offer this option to all W-2 eligible staff and ministers, and contributions may be made by the employer, the employee, or a combination of both. Certain credentialed ministers may also be required / mandatory participants in the 403(b)(9), according to the plan reorganization effective 12/31/2019. Local employers with mandatory participants are required to fund 12.5% of compensation (please reach out for the definition of compensation). Again, see the video summary for information. A 403(b)(9) is a defined contribution retirement plan designed for church organizations. It is not subject to certain ERISA requirements and allows retired ministers to designate withdrawals as pre-tax housing allowance.
To find out more about 403(b)(9) accounts for your pastors and staff, click here.
Further, to establish a 403(b) retirement plan with GuideStone, click on the link below to complete the required forms. This will take you to DocuSign, where you can complete and sign the needed forms electronically.
Once you sign the forms, GuideStone will be immediately notified and will begin setting up the 403(b) retirement plan. After the plan has been set up, your retirement plan administrator will be contacted for training on how to enroll employees and remit contributions.