Missionary Church Inc. is excited to introduce a new retirement plan through our partnership with GuideStone Financial Resources. As the sole retirement plan provider for all MCI-affiliated churches, GuideStone offers unique advantages, benefits and resources to better support the financial future of our families.
The following is a sample of the features that will be available. More information and resources can also be found at www.GuideStone.org.
- Ministers housing allowance: With GuideStone, retirees who qualify as Ministers for Tax Purposes may designate up to 100% of their retirement benefits as a housing allowance (up to legal limits). This is one of the most important benefits for ministers, and it should be kept in mind that choosing another provider could jeopardize this benefit as many do not offer it.
- Christian-based, socially screened investments: In addition to GuideStone’s use of world-class investment management firms, their Christian-based, socially screened funds do not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being involved in the liquor, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture at GuideStone.
- Cost-free retirement plan set up: With GuideStone, there is no cost associated with establishing a retirement plan for your church.
- Online planning tools and resources: GuideStone has several online retirement planning tools. These include an online investment advice service, a robust personalized homepage for each participant and a host of interactive calculators, media and educational resources to help your staff stay on track toward their retirement income goals.
- Dedicated rollover team: GuideStone has a team of experts standing ready to help you and your staff roll assets from the previous MCI Defined Benefit plan into the new plan with GuideStone. This process is strongly recommended as opting to spend the money received from the previous plan can result in heavy tax consequences and investing with another retirement provider may nullify some of the benefits mentioned above (such as the minister’s housing allowance). Employees can also roll over assets from other retirement plans such as IRAs, 401(k) plans, and 403(b) plans. GuideStone’s rollover team is fully prepared to answer any questions, complete the necessary forms and guide you and your staff through the rollover process.
Each church and their staff will have access to GuideStone’s benefits, products and services, and all staff (ministerial and non-ministerial) will have the opportunity to transfer existing assets into this plan. Additionally, each church can enlist in the retirement plan and allow all W-2 employees to make elective deferrals. In the coming weeks, GuideStone will send information to help churches and staff explore the benefits of making these transitions.
MCI requests that all churches (currently contributing to the Defined Benefit Plan) continue making contributions on behalf of ministers and church employees through 2011.
Should you have any questions, please contact Lea Hale via email at Lea.Hale@GuideStone.org or by phone at 214-720-2100. You may also contact Dixie Beard via email at Dixie.Beard@GuideStone.org or by phone at 214-720-4661.