Dear ACC Member,

In June, you will have the opportunity to participate in this year’s Open Enrollment.

While you’re primarily making decisions for the upcoming year, some of your choices will have longer-term implications.  To help you with your decisions, the ACC will have representatives at the ACC GTM June Convention in Chicago.

The American Conference of Cantors Pension and Insurance Plans are important parts of your ACC membership. As a member focused association, we strive to offer you a competitive and comprehensive program that meets the needs of you and your family.

Your Personal Benefits Statement scheduled to be delivered US Postal Service mail on May 22, 2009 helps explain your individual benefits as well as provides the dollar value of certain key items.

We encourage you to take some time to carefully review this important information and share it with your family. If you have any questions, the Retirement Administrator will be glad to assist you.

Marianne Pick
mpick@accantors.org
857-939-0328

As an organization, we are continuing to make strides to be a strong and successful organization.  With your continued dedication, hard work and support, we will continue to create a stronger ACC, which will benefit us all.

If you do not enroll or make changes to your benefits in June 2009, your elections will automatically default to your current 2008 benefits.

Important information about Pension Salary Elective Deferral Contributions:

In order to continue to make salary elective contributions(aka voluntary contributions) your congregation must remit then directly to Fidelity Investments per pay period.  They may no longer be contributed in a lump sum. Click here for additional information.

Important information about Minimum Required Distributions (MRDs) March 2009:

With the recent significant market volatility and economic downturn, government policymakers want to provide the opportunity for retirement plan participants who are subject to Minimum Required Distributions (MRDs) to keep their money invested in 2009 rather than be forced to withdraw from accounts that may have decreased in value. President Bush has signed into law, the 'Worker, Retiree, and Employer Recovery Act of 2008' which includes a one-year moratorium on MRDs for 2009. This means that you do not have to take your 2009 MRD distribution.
 
If you have initiated systematic withdrawal payments, perhaps to receive your annual MRD in installments, you will continue to receive those payments. If you would like to change or stop those payments for 2009, please contact Fidelity at 1-800-343-0860.

Please note: If you first became eligible for MRDs in 2008 and deferred your 2008 MRD to 2009, you will still be required to take that payment. If you haven't yet taken your 2008 MRD, you have to take your withdrawal before April 1, 2009.

MRDs can be an important part of your retirement and estate planning process. You should always consider consulting with your tax advisor for assistance regarding your individual situation.

If you have questions or would like to suspend your 2009 MRD please call Fideity directly at 1-800-343-0860. I am also available to answer any questions you may have at 857-939-0328.

Pension Contribution Notice: Contributions Due by November 30!

Please complete the form carefully and contact the plan administrator via email at mpick@accantors.org or by calling 857-939-0328 with any questions you may have regarding the Plan.

Please return all completed forms and checks to the following address:

Marianne Pick
ACC Pension and Insurance Plan Administrator
35 Bay View Avenue
Quincy, MA  02169

All plan contribution checks should be made payable to: American Conference of Cantors fbo (your name). Any incomplete transmittal forms will be returned to you for correction and resubmission. 

Please note:  Pension Contributions are due by November 30th 

You are required to fill in your compensation, parsonage, and contribution amount, along with confirmation of prior years of service. This information you supply to the Plan is used to calculate applicable IRS limitation testing. This testing establishes how much you can deposit to the 403(b) pension plan. If you exceed these limits, the excess will be deposited to the Supplemental Plan. This may occur if any or all of the following apply: a high parsonage amount in relationship to your compensation or a large contribution to the Plan in any given year. Remember, the balance deposited is tax-deferred until you retire.