Join The Plan
Application Information
The Ministers’ Retirement Plan (MRP) is a 403(b) plan approved by the IRS for employees of churches and church organizations, public schools, and other tax-exempt organizations. Distributions from your retirement plan are available to you as early as age 59½ (see IRS Publication 571).
All contributions are tax deferred and are not to be included in gross “reportable” income for tax purposes. Since the contributions and interest are tax deferred, they will only be subject to taxes when the money in your account is distributed to you.
In addition to a retirement income account, the Plan offers death benefits to active members (currently making monthly deposits):
- Lump sum death benefit for spouse - $1,000
- Child benefits – Pension and educational
Generally, the maximum contribution allowable is 100% of taxable ministerial income or $45,000, 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 Benefits Board.
Participants may contribute by Salary Reduction Agreement or by direct contribution 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 Church of God Benefits Board, Inc. NO PERSONAL CHECKS CAN BE ACCEPTED, except from Chaplains and evangelists. You may contact the Benefits Board for more information on these special contribution rules.
Who Is Eligible To Enroll In The MRP?
All ministers and other employees of the local church, state offices, international offices and agencies of the Church of God who are U.S. citizens are eligible participants.
The Ministers’ Retirement Plan is the only retirement plan officially recognized by the General Assembly of the Church of God.
By completing this document, you apply for membership and participation in the Ministers’ Retirement Plan (MRP). It is vital that you:
1.) Complete the application in its entirety and then click SUBMIT. You will recieve an email shortly after you click submit, confirming that the Benefits Board has recieved your application. We will follow up with you and contact you regarding your application.
2.) An application must be submitted and accepted by the Benefits Board prior to making any contributions.
3.) Information concerning your enrollment in the Ministers’ Retirement Plan will be returned to you by e-mail in no more than 2 working days from the time your application is received by the Benefits Board.
A Salary Reduction Agreement is an agreement between the employer and employee under which the employee takes a reduction in salary for the purpose of participating in the Plan. The participant must sign a new agreement each time you seek a change in the amount withheld through the Salary Reduction Agreement. This form remains with the employer (with a copy for the employee) and is not returned to the Benefits Board.You may fill the application in electronically, but it must be printed out, signed and maintained by the employer.
Other Materials Of Interest
The Church of God Ministers’ Retirement Plan is a retirement income account provided for under Section 403(b) of the IRS Code. Because the Retirement Plan is a “before tax” plan, the contributions must be made through a local church or other Church of God agencies from which you receive ministerial income. YOU ARE NOT PERMITTED TO SEND A PERSONAL CHECK, unless you are a chaplain or an evangelist.
Since this Plan is a retirement account (not a savings account), no distributions are allowed until the age of 59½, except in cases of extreme hardship as defined by the IRS. Early distributions for hardship situations (prior to age 59½) are subject to early surrender fees and penalties.
Shortly after you become a member, you will receive a set of vouchers with your name and file number on each. A completed voucher should accompany each contribution.
For further information please contact us by phone at (423) 478-7131, toll-free at
(877) 478-7190, by e-mail at info@benefitsboard.com
