F.A.Q.

A 403(b)(9) is a defined contribution plan specifically designed for the unique needs of evangelical churches or church organizations. While similar to other 403(b) and 401(k) plans, 403(b)(9) plans are not subject to certain ERISA requirements, such as annual Form 5500 reporting. In addition, 403(b)(9) plans offer retired ministers the ability to have retirement distributions designated as housing allowance.

Each participating congregation will have the flexibility to determine which of their employees are eligible. This could include commissioned pastors as well as other paid staff. The congregation may also impose service requirements before an employee can participate in the plan.

This program is designed to help churches provide a defined contribution retirement program to their staff with the least amount of administrative effort. Envoy, working in conjunction with Sovereign Financial and Greenville Baptist Association, is offering a cost effective Plan with an Open Architecture fund options including Biblically Responsible Investments. Each Church gets to decide who will be eligible to participate, and what contributions their church can make into the Plan.

Each participating congregation will connect with Envoy Financial and decide what their financial contributions toward the plan will be. The ongoing administrative cost to the church is only $100 per year as well as any contributions (match or non-elective amount) they decide to make.

The 403(b)(9) is a specific U.S. retirement program.

It would be prudent to conduct a comparative analysis (Cost and Performance standpoint) on your current plan vs. the new Program. In addition, if you have an IRA or different type of Plan for your staff, know that a 403(b)(9) plan is designed specifically for a Church.

Yes, request a sample packet which will include a summary of the Plan as well as the Adoption Forms. Click here to download the forms.