Housing Equity Accounts were established for pastors living in church-owned parsonages as a means to save money for the future purpose of buying their own home via a tax-sheltered plan.

• These accounts will be administered as a sub-plan to the Defined Contributions 403B plan by Wachovia Securities, using the same fund/investment choices as are available for the 403B retirement plan.
• Participation...
• is optional,
• is open only to those pastors residing in a parsonage
• is immediately fully vested
• To establish a Housing Equity Account...
• the National Conference, Church, or Division/Board or Local Conference of the church where the pastor is serving must set the amount it wishes to contribute to the pastor's Housing Equity Account when the salary is approved. It must be recorded on the annual Statement of Pastor's Salary.
• the pastor can request an enrollment packet from the Benefits Corporation Business Office (1-800-866-7581), then complete and return it to the Benefits Corporation. Participants have complete control over their investment choices within the funds available under the Defined Contributions 403B plan.
• Contributions...
• are due quarterly (March 15, June 15, September 15, and December 15) to the Benefits Corporation in payments equal to the total amount designated on the annual Statement of Pastor's Salary
• can only be made by the employer and are tax-deferred until the time of withdrawal
• Withdrawal of funds...
• is restricted to the participant's relocation from a parsonage when the intent to purchase a home or retirement/discontinuance of service with the Evangelical Congregational Church.
• will be made in lump sum only