Retirement

What are the Employer’s Retirement Plan Responsibilities?

• Notify eligible employees of their option to open a C&MA 403(b) account. This includes new hires and employees who later become eligible
• Submit paperwork promptly for new accounts or changes.
• See Billing Questions for more information
• Ensure funds are in your church bank account to cover both employer and employee contributions
• Notify Alliance Benefits when an employee ceases to be eligible
• Maintain legal compliance paperwork if you contribute to other 403(b) plans
• General Council has mandated that every church give .7 percent to Fellowship Fund. It is your responsibility to fulfill this requirement

When do I need to make changes?

• Employer and Employee contributions for a given month are withdrawn electronically from the Employer's bank account on or about the 11th of the following month. For example, January 403(b) contributions are withdrawn from the church account on or about February 11
• To make changes to a given month's contributions, please submit the updated Monthly Contribution Report to Alliance Benefits no later than the 5th business day of the following month. For example, to change the January contribution amounts, the updated Monthly Contribution Report should reach Alliance Benefits no later than the 5th business day of February
• Changes received late will be reflected in the next available month

What changes do I need to report?

• Update Monthly Contribution Report with any changes or corrections: Contribution Amounts, Name, Address, Social Security Number, Date of Birth, Date of Hire, Date of Termination
• Please highlight the item being changed
• Update your church's Adoption Agreement if the employer chooses to make any changes to eligibility requirement or employer matching amount

What are the Employee's responsibilities?

• If an employee desires to increase their 403(b) contributions, they should complete a new Paycheck  Contribution Election form
• Employees should keep their employer apprised of name of address changes, so the employer can update Alliance Benefits
• Employees should update beneficiary designations regularly, particularly at life events such as marriage, birth or adoption, divorce or spearation, or death of a spouse