403(b)(9) Church Plans
A 403(b)(9) is a defined contribution plan specifically designed for the unique needs of evangelical churches or church organizations. While similar to other 403(b) and 401(k) plans, 403(b)(9) plans are not subject to certain ERISA requirements, such as annual 5500 reporting. In addition, 403(b)(9) plans offer retired ministers the ability to have retirement distributions designated as housing allowance.
Who can participate?
All employees are eligible to participate unless the plan specifically excludes them.
Types of plan contributions
The employer has flexibility in determining which employees are eligible. As an example, an employer may impose age and/or service requirements before an employee can participate in the plan.
Potential tax advantages
To learn more about the retirement plans available to your specific organization, email us or call us at 203-542-2020
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.