Grace Global 403(b)9 Retirement Income Account
Grace Global Alliance offers member clergy and churches the opportunity to participate in a unique retirement program: the Grace Global Alliance 403(b)9 Retirement Income Church Account.
Uniquely designed for churches, the Grace Global Alliance 403(b)9 Retirement Income Church Account permits a credentialed minister to establish a retirement account that also permits housing allowance continuation in the post-work years. Properly structured, a 403(b)9 retirement income church account can provide tax-free distributions to a credentialed minister so long as he / she has qualifying housing expenses in retirement. It also permits the church to provide matching or elective contributions on behalf of their credentialed ministers.
Non-credentialed church staff may also participate in the Grace Global 403(b)9 Retirement Income Church Account to save for their future retirement needs, and churches may also provide matching or elective contributions on their behalf as well. While non-credentialed church staff may not utilize a housing allowance under the tax code, a 403(b)9 remains an efficient means to save for future income needs in retirement.
Through its affiliate, Grace Global Financial Solutions, Grace Global Alliance members have access to a national network of financial professionals, insurance agents, investment advisory representatives, and Certified Financial Planners® to assist them in their planning.
For more information, or to request a no-cost consultation with one of our highly-trained team members, contact our office.
2020 Contribution Update
The IRS has increased the contribution limits for 403(b) retirement plans to $57,000 for the tax year 2019. Employee contributions remain capped at $19,500 a year. Some older and tenured workers may be eligible for additional “catch up” contributions. The “catch up” contribution limits for 2020 is $6,500. Annual compensation limit for 2020 is $285,000. (Source: www.IRS.gov)