::Pension Plan
Evangelical Congregational Church 403(b) Plan
Plan Number: 300146
Reference Number: 300146 + last 4 digits of
participant's social security number
The Retirement/Pension Plan of the Evangelical Congregational Church is a "Defined Contributions Plan" managed in compliance with Section 403B of the Internal Revenue Code.
Contributions are invested through Prudential Insurance Company of America and managed by representatives of Wachovia Securities.
Wachovia Securities: Financial Advisor-Account Representative
Ms. Jennifer Buehler
First Vice President - Investments
3 Lemoyne Drive
Lemoyne, PA 17043
717-761-7344; 800-468-8685
jennifer.buehler@wachoviasec.com
Prudential Retirement: Website and Quarterly Financial Statements
Prudential Insurance Company of America
30 Scranton Park Office
Scranton, PA 18507
Participant Service Center 1-800-458-6333
Website: www.prudential.com/online/retirement
The Benefits Corporation Board of Trustees selects the mutual funds and investment choices for the participants, with the advice of a representative of Wachovia Securities.
Participants: All licensed, full-time and part-time ministers of the Evangelical Congregational Church are eligible to participate after one year of continuous service; ministers in related fields or career missionaries may participate.
Enrollment: Enrollment, Investment options and Beneficiary forms are available upon request from the Benefits Corporation's Business Office (1-800-866-7581). All completed forms are to be returned to the Benefits Corporation's Business Office.
Contributions: All contributions are remitted to the Benefits Corporation to be distributed to the participant's 403B account.
Participants may...
The participant's contributions shall be deducted from the annual salary of the participant and remitted to the Benefits Corporation Business Office by the employing Churches/Conferences/Boards/Commissions or Agencies.
Churches/Conferences/Boards/Commissions or Agencies...
- That employ an eligible participant are required to make the monthly contributions to the plan at a rate set annually (for part-time and full-time service) by the National Conference Pastor's Compensation Committee
- The employer contribution is considered fully vested at the end of 5 years of service. (See Benefit Corporation By-Laws Section IX.A.5 for a schedule of graduated vesting for years 1-4)
Discontinuance of Service:
- Participants who discontinue service with fewer than 10 years of active service and remain inactive for 3 years, shall have their vested funds refunded to them, minus a 2% withdrawal fee
- Participants who discontinue service after 10 years of active service may leave their funds in the plan account until age 65 to be distributed according to Section IX.A.7.c. of the Benefit Corporation By-Laws
Hardship Withdrawals:
Only those funds contributed by the participant may be withdrawn for reasons of 'hardship'. Such funds paid into the account by the Benefits Corporation (representing the Church/Conferences/Boards/Commissions or Agencies) or income earned by the invested funds shall not be included in the amount available for a hardship withdrawal.
Request for Hardship Withdrawal is made directly with our Wichovia 403B account representative.
To request a disbursement on account of financial hardship, you must meet one of the following four "Safe Harbor" provision/financial needs:
- Medical expenses or amounts necessary to obtain medical services for yourself, your spouse, or dependents
- The purchase of a primary residence in which you live. (Excluding mortgage payments)
- Tuition and related educational fees for the next 12 months of post-secondary education for you, your spouse, your children, or dependents
- The need to prevent eviction from your principal residence or to prevent foreclosure on the mortgage of your principal residence.
If approval is granted for the hardship withdrawal, all contributions to your plan are suspended for 6 months beginning on the date that the distribution is received.
Loans: Loans are not permitted under this plan.
Fees: There are no annual account charges.
Early Withdrawal: A 10% IRS penalty may be due on disbursements of funds prior to age 59 1/2. Certain conditions are exempt from this including: disability, death, separation from service at or after age 55.
Income Tax: A 20% mandatory withholding for federal income tax is automatically deducted from any withdrawal payment paid directly to the participant.