Enrollment & Contributions

 ACC and GTM members in good standing are eligible to enroll in the ACC Retirement Plan. Rabbis ordained from HUC-JIR may be eligible through the CCAR (via the GTM) only if they no longer meet RPB's eligibility requirements.

ACC and GTM Members can enroll in the Retirement Plan at any time. There is no waiting period, minimum contribution or weekly working requirement. Online self-enrollment and beneficiary designations are required. 

1. Read the General Information page to learn the basics of the ACC plan. Next, read the Fidelity Enrollment Guide.
2. Sign-up for an ACC 403(b)9 Retirement Plan account with Fidelity by following the instructions on page #1 in the Enrollment Guide. Visit the online enrollment site here.
3. Once you have created a Retirement Plan account, alert the Retirement Plan Administrator. If you are new to the ACC Retirement Plan, be sure to advise the administrator of this, as there is a two-year administrative fee holiday for all new Retirement Plan participants.
4. Work with your employer to complete the Contribution Calculation Form and the Elective Deferral Form for salary deferrals. Once signed, return the forms to the ACC Office.

Refer to the plan documents and summary plan descriptions for all employer responsibilities. The primary responsibilities are assisting in enrolling new hires, determining the correct amount to contribute - both employer and elective salary deferral contributions, ensuring the IRS Annual Limits are not exceeded (see limits below), and contributing within the legal timeframe - the calendar year for employer contributions and by the 15th of the month following withholding from a paycheck for salary deferrals. 

Proper handling of participant deferrals is arguably one of the most important duties of a plan sponsor and requirement of an employer.

While it's easy to understand the need to treat plan assets with the deference required by the Employee Retirement Income Security Act of 1974 ("ERISA"), what may not always be so clear is exactly when amounts deferred by employees through payroll become "plan assets." Since it is so important that participant deferrals and loan payments be made promptly, we thought even though the ACC Retirement Plan is not subject to ERISA, we do follow the recommended guidelines from the DOL so it would be helpful to highlight the requirements.

The Department of Labor ("DOL") has written strict guidelines on how long an employer can hold elective deferrals before depositing them into the plan. The general rule requires that contributions and loan repayments be deposited into the plan as soon as it is reasonably possible to segregate them from the company's assets, but no later than the 15th business day of the month following the month amounts are withheld from pay. The 15th business day rule is not a safe harbor. The DOL emphasizes that the "real" deadline is the earliest date on which contributions can be segregated, and they may look to prior payrolls to determine what is possible.

Example

An employer has a biweekly payroll and historically has reconciled and forwarded contributions by the 5th business day after payroll. For the current payroll period, it takes the employer 10 days to deposit amounts withheld into the plan. The DOL will likely consider the 10-day period as unreasonable, even though the contribution was made prior to the 15th business day of the next month.

Small Plan Safe Harbor

For plans with fewer than 100 participants on the first day of the plan year, the DOL created a safe harbor standard that states any deposits made within seven business days of a pay date are considered timely. This safe harbor is optional—small plans may use the seven-business-day safe harbor period or the general deadline.

Mistakes May Occur

If it's discovered that certain salary deferral or loan payment deposits have been "late," prompt action will help to minimize the financial impact and exposure to the plan.

1. Check that your cantor/soloist is a member of the ACC or GTM (see eligibility section above).
2. Ask your cantor if they have an ACC Retirement account. If they need to create an account, see the ACC/GTM Member Enrollment Instruction above. If they have an existing account, email the ACC Retirement Administrator the name of your new hire and the employer's full name. 
3. Complete an ACC Participating Employer Adoption Agreement and return it to the Retirement and Group Benefits Administrator. 
4. Sign up for Fidelity's Simplified Contribution Platform (SCP - pronounced skip), contact the Retirement and Group Benefits Administrator to receive your division code. 
5. Work with your cantor/soloist to complete the Contribution Calculation Form and return it to the ACC Office.

Fidelity's Simplified Contribution Platform (SCP) makes contributing easy. We are excited to offer you access to a secure and easy way to submit your plan contributions to Fidelity. Call Fidelity SCP Customer Service for this: (800) 917-4369.

New to SCP? Adding a new staff person to make contributions? Be sure you sign up for the system so you can make contributions as soon as you are invited. Once you have set up your SCP account, you are required to add a funding source (a bank account) so contributions can be completed. The Fidelity system will take up to 10 business days to verify your bank account, so it is important to complete the process as soon as possible. Additionally, if you are changing a bank account, keep in mind that the same 10-day confirmation period applies. 

It is generally the executive director, bookkeeper, accountant, or finance director. Often the same person who does payroll submits retirement plan contributions.

      You can request to be a SCP user by:

1. Selecting 'New User' below the login fields.
2. Filling in and submitting the form - plan number is 71280, contact the Retirement and Group Benefits Administrator for the division code (or leave it blank).
3. A request will be sent to the ACC office. Once Approved you will receive two next steps emails, one from Fidelity and one from the Retirement and Groups Benefits Administrator.
4. Once you have logged in to SCP successfully and updated your password, add a funding method right away as it takes Fidelity 10 business days to verify each new bank account added before it is available for use. The funding method will be available on the 11th day. 
5. After the bank account is verified, enjoy the simple contribution process!

All contributions are made electronically through the Simplified Contribution Platform (SCP). Once you have a SCP account, have added a funding method and it has verified, you can make a contribution. There is a SCP user manual located on the landing page of the website at the top right under 'Resources'. 

SCP is the required method for making all contributions to the ACC Retirement Plan. Here are some tips and best practices:

• Be sure to double check your funding source once a year. Remember, if you add a source (bank account), the Fidelity system takes up to 10 business days to confirm the accuracy to make the account available. 
• While SCP has a "repeat contribution" function, it is highly recommended that whoever is entering contributions, use the current payroll report to confirm any additions or changes to staff salary deferrals. The ACC plan allows deferrals to begin or change at any payroll interval and it is the responsibility of the employer to ensure the contributions--particularly salary deferrals--are correct. 
• Salary deferrals should be contributed to a participant's retirement plan within three days of each payroll. They can't be pre-paid and should not be held longer than necessary to facilitate contributions being made. 
• If you notice a mistake, please contact the ACC office immediately. 

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.

For the full 2024 IRS Press Release, click here.

Retirement Plan Limits 2024

Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.

Under 50 years of age:

Elective Deferral or Salary Deferral Contributions $23,000 or 100% of the participant's taxable compensation*, whichever is less.

Annual Maximum Employer Contribution $69,000, may include up to $23,000 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

Those aged 50 years of age and older:

Additional Catch-up Contribution $7,500 in addition to the basic limit on salary deferrals for a $30,500 total limit to salary deferral contributions or 100% of the participant's taxable compensation*, whichever is less.                  

Annual Maximum Employer Contribution $76,500, may include up to $30,500 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

*Taxable compensation excludes parsonage allowance.

Fidelity Investments' SCP Help Desk is eager to assist you in the use of the Fidelity SCP system, every step of the way. Once your login has been established by following the above instructions, please contact Fidelity with any training, support, or technical issues. Unlimited training and support is available to employers at no charge; Fidelity's exceptional services are included as a benefit of our Plan.

Beginning in January 2024, we require any plan participant who has an elective (salary) deferral to fill out the Workplace Savings Plan Contribution form. This form should be turned into your employer with a copy sent to the ACC office. The form authorizes your employer to establish, change, or cancel the amount you wish to have withheld from your paycheck and contributed to your ACC Retirement Plan account.

Although employer contributions can be calculated on a fiscal or contract year, it is imperative that employers withhold and contribute Elective or Salary deferrals on a calendar year basis. This helps to ensure that IRS limits are not exceeded.

As a reminder, an elective deferral or salary deferral is the amount you have withheld from your paycheck and contributed to your retirement account. Currently, most participants are using the pre-tax contribution method for these deferrals. The amount can be calculated as a percentage of your salary or a flat dollar amount. Your annual deferral amount, based on a calendar year, can't be more than your annual salary or the IRS annual elective deferral limits, whichever is less. See the ACC elective deferral form for specific rules for calculating your elective deferral amount.

If you have an elective or salary deferral and an employer contribution, you will need to fill out both the elective deferral and contribution calculation form. The employer contribution, if paid in a lump sum, can be calculated on a fiscal or contract year basis. Your elective deferral should be calculated on a calendar year basis.

If you are taking an elective deferral and your congregation makes your employer contribution on a quarterly, monthly, or per-paycheck basis, regardless of your salary deferral status, your employer contribution will need to be tracked on a calendar year basis.

Retirement Plan Limits 2024

Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.

Under 50 years of age:

Elective Deferral or Salary Deferral Contributions $23,000 or 100% of the participant's taxable compensation*, whichever is less.

Annual Maximum Employer Contribution $69,000, may include up to $23,000 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

Those aged 50 years of age and older:

Additional Catch-up Contribution $7,500 in addition to the basic limit on salary deferrals for a $30,500 total limit to salary deferral contributions or 100% of the participant's taxable compensation*, whichever is less.                  

Annual Maximum Employer Contribution $76,500, may include up to $30,500 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

*Taxable compensation excludes parsonage allowance.

It is important for the ACC office to have a copy of your Retirement Plan Contribution Calculation form on file every year. 

If your congregation makes your employer contribution on an annual basis and you do not have a salary deferral, please make sure there is a copy of your form on file in the office. Forms can be sent at the beginning of your contract year. 

Retirement Plan Limits 2024

Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.

Under 50 years of age:

Elective Deferral or Salary Deferral Contributions $23,000 or 100% of the participant's taxable compensation*, whichever is less.

Annual Maximum Employer Contribution $69,000, may include up to $23,000 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

Those aged 50 years of age and older:

Additional Catch-up Contribution $7,500 in addition to the basic limit on salary deferrals for a $30,500 total limit to salary deferral contributions or 100% of the participant's taxable compensation*, whichever is less.                  

Annual Maximum Employer Contribution $76,500, may include up to $30,500 of individual salary deferral contributions, or 100% of the participant's compensation, whichever is less.

*Taxable compensation excludes parsonage allowance.