403(b) Retirement Plan

U.S. Employees

retired coupleThe Alliance Retirement Plan, a tax-deferred, defined contribution, 403(b) plan similar to a 401(K), is available to full-time employees of the C&MA and auxiliary organizations.

Participants may contribute a percentage of pay up to the IRS limits. The employer contributes a matching amount on behalf of the participant. Participants are able to choose from a selection of diversified investment options ranging from conservative to aggressive.

Eligibility and Enrollment

All full-time employees (working at least 20 hours per week) are eligible to participate, subject to completion and submission of the proper enrollment forms. Enrollment in the retirement plan can be enacted anytime during the year. Please contact Alliance Benefits to enroll.

Employee Contributions

Employees may contribute a percentage of their salary, on a tax-deferred basis (sent by your employer), excluding irregular payments such as bonuses and overtime pay. In the case of an employee who is a minister of the gospel, housing allowance MUST be added to the base salary to calculate the percentage subject to IRS limitations. An Enrollment Form and Salary Deferral Agreement must be completed before contributions are made.

C&MA Contributions

According to the plan as adopted by General Council, the employer can match up to 50% of the employee’s contribution up to 3 percent of compensation which includes salary and housing allowance. An employer may contribute a larger match for their employees by customizing their Adoption Agreement.

Vesting

This refers to an employee’s ownership of the contributions to the plan. The total balance in their account is 100% vested immediately.

Investment Strategies

Employees may invest in one of the following pre-mixed Investment Profiles:

Employees may also build their own strategy by choosing a mix from the following funds (allocation must be in 5% increments):

Changing Contribution Amounts

You may change the amount that they contribute within IRS allowable limitations. You must notify your church treasurer or payroll administrator who will prepare an adjusted Salary Deferral Agreement for you to sign and submit to Alliance Benefits.

Changing Investment Options

Employees may change the way their current account balance and their future contributions are invested (in 5% increments) via the Great-West Website. New investment elections and changes in the investment of current account balance will become effective on the first day of the following month.

Rollover Contributions

Participants may make rollover contributions from other 403(b), 457, traditional conduit IRA, and 401(k) plans. Please contact Alliance Benefits for forms and information.

Hardship Withdrawals

A hardship is defined as an immediate and serious financial need arising from:

Hardship withdrawals are taxable. In addition, you may be subject to a 10% penalty tax. If you make a hardship withdrawal, you are not eligible to contribute to the Plan (or any other employer sponsored retirement plan) for the next 6 months.

Retirement Distributions

Distributions after age 59 1/2 are not subject to early withdrawal penalties. Flexible distributions can range from small monthly installments to the full lump sum in one payment. Minimum monthly distributions are required when a participant reaches age 70 1/2 or when they retire, whichever is later. If a participant becomes disabled, distributions are available before age 59 1/2.

Statements

Statements reflecting your account activity for the quarter are mailed or e-mailed to your home on a quarterly basis.

Accessing Account Information

You may access your account information via the toll free line at (800) 701-8255 or the Web site at www.gwrs.com.

PDFDownload Retirement Plan Forms & Documents

(Forms require Adobe Acrobat)