403(b) Ministers Retirement Plan
A tax-advantaged retirement plan for AG ministers—supporting you, your team, and Assemblies of God churches across the country.
What is a 403(b)?
A 403(b) Ministers Retirement Plan is a special type of tax-sheltered retirement plan, available to certain not-for-profit organizations, including 501(c)(3) churches and ministries. When an employer chooses to sponsor a 403(b) retirement plan, the employer or employees (or both) make contributions to a 403(b) account that is managed by the employee. With GenFi Ministries, employees can invest their 403(b) contributions in a fixed-rate investment fund that supports other AG churches, or a variety of mutual fund offerings.
Benefits of our 403(b) retirement plan:
Large contribution limits. Higher contribution limits mean you can save more each year. (Members under age 50 can contribute up to $23,000 or 100% of their taxable compensation per year, instead of the $7,000 maximum for an IRA.)
Benefits for staff. Employers can make contributions on their behalf.
Maximize your savings. The total annual contribution limit, including employer contributions and an over-50 make-up provision, is $76,500.
Housing tax benefit. If you retire as a credentialed minister, you may be able to designate a portion of your plan distributions as a housing allowance, which is tax-free under current tax law.
Our 403(b) plan also offers a choice of investments. Invest in a range of mutual funds or our Vision Fund, which supports loans to churches and ministries like yours. Click here to learn more about our 403(b) investing options.
Frequently Asked Questions
Current employees of Assemblies of God churches/ministries and self-employed, licensed, or ordained ministers of the Assemblies of God are eligible. Retired credentialed ministers may also transfer funds from another qualified retirement account to a GenFi Ministries’ 403(b) plan.
If you are not eligible for GenFi Ministries’ 403(b) Ministers Retirement Plan, you may be eligible for a GenFi Ministries’ Individual Retirement Account or Individual Investment.
There are a few different limits for the 403(b) retirement plan. The amount you can contribute from your paycheck is $23,000 per year or 100% of your taxable compensation, whichever is less. If you are age 50 or older, there is a catch-up amount of $7,500 you can contribute each year. There are other limits for employer contributions that are based on your taxable compensation. Contact GenFi Ministries for details.
Yes, retired ministers can potentially designate all or a portion of their redemptions as housing allowance. (The Housing Allowance form must be submitted to GenFi Ministries prior to the redemption.)
For accounts invested in the Vision Fund with a balance of $2,000 or more, there is a $5 monthly fee. For accounts invested in mutual funds offered through Envoy Advisory, Inc., there is a percentage-based fee of 0.0267% monthly (0.32% annually). Mutual funds may also have additional underlying expenses. Refer to the fund prospectus for more information.
Yes, if your current plan allows for such transfers and you meet a triggering event as defined by the IRS.
Yes, as long as your new employer is a participating employer that has completed an Adoption Agreement with GenFi Ministries.
Yes, you may change the allocation of funds at any time. Contact GenFi Ministries for specific instructions.
Free Resource
Get your FREE copy of Minister Retirement: Bringing Clarity to Retirement Planning by completing the form below.
This free book is available only to credentialed Assemblies of God pastors within the United States.
Adopting our 403(b) Ministers Retirement Plan is easy to do.
Our team of dedicated investment and retirement specialists are always here to help you get started. Click the button below to adopt our 403(b) Ministers Retirement Plan today.
Investing with Purpose
Investments with GenFi Ministries support churches and ministries.
When you invest with GenFi Ministries, you help build up Assemblies of God churches all over the United States. Thanks to the investments of thousands of individuals and families, we can support the health, vitality, and continued success of hundreds of ministries. Your investment is not just earning a return for you… it’s earning a return for the Kingdom and creating a generational impact.