Plan Documents, Forms, IRS Contribution Limits & Resources

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Plan Documents, Forms, IRS Contribution Limits & Resources

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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 $18,500 (in 2018). 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 2018

Elective Deferral or Salary Deferral Contributions $18,500
Annual Maximum Employer Contribution $55,000 (may include up to $18,500 of individual salary deferral contributions)
Age-50 and over Additional Catch-up Contribution $6,000
Annual Total Maximum Employer and Individual Contributions, age-50 and over $61,000

 

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

 

Fidelity Contact Information

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

 

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

 

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 $18,500 (in 2018). 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 as of January 2018

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.