March 31, 2020

Retirement Plan: Match Relief Instructions

By Alliance Benefits

Below are specific instructions regarding the recent match relief announcement available to participating churches, along with an update about submitting forms through our new online submission portal.

Requesting Optional Match Relief for Employer Contributions:

For April, May and June – please submit changes by the 1st of the month to allow extra time for processing.

If you wish to request relief for employer contributions, submit your Monthly Contribution Report for the payroll months of April, May and June showing a $0 employer contribution (or any reduced amount you choose).

Our 403(b) billing is always a month in arrears, so requested changes for April, May and June will be reflected on your bank withdrawals in May, June and July.

If you request match relief for April, we will process this same match for three months unless you send a different report for May or June.

These are the only three months for which match relief is available, so for the payroll month of July, we will automatically change back to your regular employer contributions (reflected in your August bank withdrawal).

Changing Employee Contributions:

Employees can increase, decrease, or stop employee contributions at any time during the year. If your employee would like to make a change, please have them complete a Paycheck Contribution Election form and return the form to you for the church’s records. You can then return a copy to Alliance Benefits through the new online portal (see below). Note that if there is a salary change but the percentage on file remains the same, this form is not needed.

Any employer and employee changes should be listed on the Monthly Contribution Report for the corresponding payroll month(s).

New Online 403(b) Forms Submission Portal:

We are happy to say that we have a new secure, convenient online submission portal for your completed 403(b) forms. From the Forms page on our website, click where it says “Upload forms here” next to the title “Retirement.”

We encourage you to use this online secure method, rather than emailing or faxing forms to Alliance Benefits. If you do not wish to use this online method, you still have the option of faxing the forms to (719) 262-5397. Please do not send any forms to Empower Retirement, although their fax number is listed on their forms.

Changing Your Church Bank Account for 403(b):

We now have a 403(b) bank change form which you can complete and submit online.

These same instructions listed above can be found on the Alliance Benefits Blog.

We continue to seek new ways to serve you better, and you are always welcome to ask questions. May you experience great peace from the Holy Spirit throughout these challenging days!

Your Alliance Benefits team

Posted in: 403(b) Plan Tools