Retirees and Retirement Planning

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Retirees and Retirement Planning

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Two of the most important documents for retiring or retired participants to read and share with financial advisors are located right here:

1. Click to view an important summary of ACC Retirement Plan FAQs.

2. The Parsonage in Retirement article highlights the top 10 most common questions we receive on this topic. Unless your financial advisor specializes in 403b Qualified Church Plans, it is unlikely they know the benefits of you participating in the ACC Retirement Plan and the opportunities it can afford you in retirement. Direct your advisor to this article so they understand that you are still eligible for a parsonage allowance, even in retirement.

Retirement Plan Parsonage Requests

Please keep the Plan Administrator informed of your retirement plans. Retired Cantors' Parsonage Transmittal forms will be mailed each year in the Fall to participants aged 63 or older, prior to the annual Retirement Trustees Board Meeting in late October or early November. If you wish to request a parsonage distribution from your retirement plan the ACC must receive the completed the Parsonage Transmittal form  by the deadline stated in the mailing at the below address or fax number:

American Conference of Cantors                                                     
ATTN: ACC Retirement Plan
1375 Remington Road, Suite M
Schaumburg, IL 60173

or fax to (847) 781-7801

 

Qualifying for Parsonage in Retirement

Please be aware that you can ONLY claim parsonage if you are an ACTIVE member of a qualified clergy-based plan, such as the ACC Retirement Plan. If your retirement funds are NOT in a clergy based plan, you will no longer be eligible to take parsonage once you retire from active employment with your congregation.

Furthermore, once you deplete the available funds in your ACC (or other clergy based) plan, you will no longer be able to claim parsonage. Thus, we encourage you to utilize outside sources of income to the maximum extent , and enable your ACC account to remain active for as long as possible. Once your account is depleted, you will no longer be able to claim parsonage.

Please note that the title of “Emeritus/a” has no bearing on whether you can claim parsonage. It is an honorific title between you and your former congregation.

 

Minimum Required Distributions

 

Thinking of Retiring soon?

Alert the ACC Retirement Administrator as soon as possible. 

If you have a Supplemental Account, keep in mind that you will begin receiving payments at the end of the first quarter after your retirement date unless you complete and submit a Supplemental Distribution Election form to the ACC Retirement Administrator one full year prior to your retirement date. *Unless deferred one year in advance of your retirement date, the Supplemental Account is paid out

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