General Information

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General Information

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The retirement plans offered by the ACC include:

ACC Retirement Plan. A 403(b) Qualified Church Plan. Salary Deferrals and Temple Contributions made to this plan by qualifying employers, or rolled over from a qualifying 403(b) church plan are eligible for parsonage in retirement for ordained clergy. Known as Plan 71280 by Fidelity Investments.

Supplemental Plan. A non-qualified deferred compensation plan in which funds invested are held in an irrevocable trust for the benefit of participants for retirement purposes. Sometimes referred to as the "Rabbi Trust" due to its origin with the IRS, the Supplemental Plan allows employers to make contributions that may exceed the annual IRS maximum contribution limits for eligible compensation. Salary Deferrals and Temple Contributions in this plan are eligible for parsonage, beginning in 2018 in retirement. Known as Plan 71281 by Fidelity Investments.

Important Note: Distributions from the Supplemental Plan are paid out quarterly over a five-year period for account balances over $19,000 (in 2019). Distributions are based on a formula as defined in the Plan document and begin upon retirement, unless a distribution deferral form is on file with the ACC Office one year prior to retirement.


IRS Contribution limits

Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost‑of‑living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under Section 415. Under Section 415(d), the adjustments are to be made pursuant to adjustment procedures which are similar to those used to adjust benefit amounts under Section 215(i)(2)(A) of the Social Security Act.

Should you choose to exceed the limits the excess should be deposited into your non-qualified Supplemental Plan account by your employer.

Retirement Plan Limits 2019

Under 50 years of age:

Elective Deferral or Salary Deferral Contributions $19,000
Annual Maximum Employer Contribution $56,000 (may include up to $19,000 of individual salary deferral contributions)

Over 50 years of age:

Additional Catch-up Contribution $6,000 beyond the basic limit on salary deferrals for a $25,000 total limit to salary deferral contributions                                        Annual Maximum Employer Contribution $62,000 (may include up to $25,000 of individual salary deferral contributions)


How do I monitor activity in my Fidelity account?

You can access your account online through Fidelity NetBenefits or call the Fidelity Participant Benefits Line at 1-800-343-0860. Through NetBenefits, you can monitor your account, update your beneficiaries, alter your investments, and take advantage of the wide variety of financial planning tools Fidelity offers!

When am I vested?

You are always 100% vested in any contributions made to your retirement account. Your Fidelity statement will reflect the vesting at 100%.

Can I move money from another retirement plan into my ACC Retirement Plan account with Fidelity?

Yes. You are welcome to roll over eligible pretax contributions from a variety of other accounts such as: a 403(b) qualified church plan, a 403(b) plan account, a 457(b) plan,  account, a 401(k) plan account, an IRA previously rolled over from an employer-sponsored retirement plan, like a 401(k)

Note: Only Salary Deferrals and Temple Contributions rolled over from a 403(b) qualified church plan are eligible for parsonage in retirement for ordained clergy.

I recently created a trust, how do I update this change with Fidelity?

Beneficiary information can be updated via the Profile link in NetBenefits. You are able to specify up to 4 different Beneficiary Types: a person, an estate, an organization, a trust.

What are the annual administrative fees for this plan?

In addition to the fees charged by the various fund providers, the ACC charges an administrative fee, currently $300.00 per year, divided into quarterly deductions from each participant account. Fidelity Investments charges a record keeping fee, currently $102 per year, divided into quarterly deductions from each participant account. Beginning in 2018, the administrative fee will be waived for new participants in their first two years of employment.

I need retirement planning advice, where can I go?

 Fidelity offers the wonderful benefit of complimentary retirement planning consultations with with Ross Hoskins. Click here to learn more and make an appointment!


ACC Office Contact

ACC Retirement and Group Plan Administrator, Laura Majeski

Hours: M-T 9:00AM-5:00PM; F 9:00AM-4:00PM

retirement@accantors.org

847-781-7811 ext. 302

ACC Retirement Chair, Cantor David Goldstein 847-436-4108

ACC Retirement Plan Questions

These topics should be addressed through the Plan Administrator in the ACC Office in Schaumburg:

Enrollment
Annual Contributions
Employer Access to Fidelity's Plan Sponsor Webstation (PSW)
Change of Address/Employer, Name change
Contribution Calculation Form (includes IRS limits)
Parsonage in Retirement Requests
Early Retirement Requests
Hardship Distributions
Supplemental Plan Distribution Requests

Fidelity Contact Information

NetBenefits  http://www.netbenefits.com/atwork
Fidelity Retirement Services Specialists:M-F 8:00 am-Midnight EST 800-343-0860
   
   

Specific Investment or Participant Account Questions

These topics should be addressed through Fidelity Investments:

Establish or Change Beneficiaries
Contribution History & Reports
Investment Elections
Review Investment funds, risk profiles and performance
Get a statement or tax forms
Estimate a MRD (Minimum Required Distribution) amount prior to age 70 1/2
Change mailing preferences/frequency


Retirement Plan Documents

The retirement plans offered by the ACC include:

  • ACC Retirement Plan, a 403(b) Qualified Church Plan. Salary Deferrals and Temple Contributions made to this plan by qualifying employers, or rolled over from a qualifying 403(b) church plan are eligible for parsonage in retirement for ordained clergy. Known as Plan 71280 by Fidelity Investments. Read the Plan Document and the Summary Plan Description for details of the plan.
  • Supplemental Plan, a non-qualified deferred compensation plan in which funds invested are held in an irrevocable trust for the benefit of participants for retirement purposes. Sometimes referred to as the "Rabbi Trust" due to its origin with the IRS, the Supplemental Plan allows employers to make contributions that may exceed the annual IRS maximum contribution limits for eligible compensation. Salary Deferrals and Temple Contributions in this plan are eligible for parsonage, beginning in 2018 in retirement. Known as Plan 71281 by Fidelity Investments. Please read the Plan Document and the Summary Plan Description for details of the plan.

*Important to Note: Distributions from the Supplemental Plan are paid out quarterly over a five-year period for account balances over $19,000 (in 2019). Distributions are based on a formula as defined in the Plan document and begin upon retirement, unless a distribution deferral form is on file with the ACC Office one year prior to retirement.


General Forms & Resources

Annual Contribution Calculation Form - for all contributing participants to be completed each year and returned to the ACC Office by email, mail or fax by November 30

ACC Retirement Plan Full Enrollment Guide - for all participants, congregations and financial advisors; includes investment options and commonly asked questions

Changes to the Investment Lineup and Fee Addendum as of February 2019

Fidelity Retirement Plan Performance Updates as of September, 2018.


Retiree Forms

Parsonage Transmittal Form - 2019

Mandatory Distribution Form (MRD)

Supplemental Plan Distribution Deferral Election

Retiring mid-year? Contact the ACC Office especially if you have not reached age 65 and wish to take parsonage as a retiree from the plan this year. All parsonage distributions require trustee approval. First distributions can take up to 4 weeks to complete.