Welcome!
Many states will conduct a pastors’ meeting/retreat in the upcoming months. As Stewardship Ministries/Ministerial Services Director, I would welcome an opportunity to present the current retirement plan to the pastors in your area.
In the section Present Financial System, Pages 75, 76 of the 95th Church of God of Prophecy International Assembly Minutes, it states,
"We recommend that all ministers under appointment participate in a retirement plan in conjunction with their local churches or National/Regional/State/Presbytery/International Offices, allotting a portion of their annual budget to include some amount to give to their respective pastor/overseer (national, regional, state)/General Presbyter/General Overseer/or International Offices’ ministry director, as matching funds for retirement. All ministers under appointment serving as pastor/overseer (national, regional, state)/General Presbyter/General Overseer/or International Offices’ ministry director are encouraged to participate in a retirement plan available to them."
An excellent retirement plan is available to all United States pastors/overseers via a 403(b) retirement plan through the International Offices. Highlights of the plan are:
• Contributions are not counted as income for income tax and social security.• There is no sales commission charged—a 5.75% savings.
• Fund choices are five-star rated mutual funds consisting of stocks, bonds, or cash.
A typical match for a pastor/overseer is 50¢ from the local church/state to $1.00 personal contribution from the pastor/overseer up to 6% of salary (3% for the church/6% for the pastor/overseer).
Because the contributions to the retirement plan are pre-tax and matched by the local church/state, the benefits are immediate. These funds belong to the employee from day one. However, there is a 10% penalty for an early withdrawal before age 59 ½. Funds can be withdrawn as housing allowance and never become taxable.
Jan Couch
Stewardship Ministries/Ministerial Services Director
