The Evangelical Covenant Church has set up an account with GuideStone Financial Services to give local ECC churches and organizations access to a 403(b)(9) option.
Local ECC churches and organizations may offer this option to all staff and ministers, and contributions may be may by the employer, employee or a combination of both. This option does not replace the Covenant Pension Plan for ordained ministers, but is a supplemental option in addition to the Covenant Pension Plan.
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 or begin 403(b)(9) accounts for your pastors and staff, click here or contact GuideStone Financial Services directly at 888-98-GUIDE or www.guidestone.org and state that you are an Evangelical Covenant Church entity.