The Alliance Retirement Plan is a tax-deferred, defined contribution, 403(b) plan, similar to a 401(k). Participants are able to choose from a selection of diversified investment options ranging from conservative to aggressive.
Eligibility and Enrollment
All missionaries must have a minimum of 2% withheld from their pay to be contributed to the retirement plan. Your deduction may be greater if you wish, up to the maximum allowed by the IRS.
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 Paycheck Contribution Election Form must be completed before contributions are made.
This refers to an employee’s ownership of the contributions to the plan. The total balance in their account is 100% vested immediately.