A retirement plan for qualified ministry staff
Get on a path to a more secure retirement with our Life Rewards 403(b) Ministry Retirement Plan.
A retirement plan that believes in your ministry
As a pastor, you’ve dedicated your life to helping others and growing the Kingdom. You deserve a retirement plan that believes in your service and rewards you for your sacrifices.
The Life Rewards 403(b) Ministry Retirement Plan
Life Rewards is an employer-sponsored plan. Your employer must adopt the program before you can enroll.
Life Rewards is available to pastors and ministry employees in participating Assemblies of God churches and ministries. With this plan, you can deduct a portion of each paycheck and add it to your retirement fund, with no taxes on your contributions or earnings until retirement.
The Life Rewards Plan offers benefits that are different from traditional retirement accounts or IRAs:
- Higher contribution limits mean you can save more each year. Members under age 50 can contribute up to $18,000 or a 100% of their taxable compensation per year, instead of the $5,500 maximum for an IRA.
- Your employer can make contributions on your behalf.
- Your total contribution limit for 2015 is $53,000 or 100% of your taxable compensation.
- If you retire as a credentialed minister, you may be able to designate a portion of your plan distributions as a housing allowance, which is tax-free under current tax law.
Investment in ministry or mutual funds
Life Rewards offers a choice of investments. Choose our Vision Fund to build God’s Kingdom through loans to churches and ministries like yours. Or invest in mutual funds ranging in levels of aggressiveness.
We'll help you get started with the Life Rewards program
- Find out how your church can adopt Life Rewards
- Enroll in CEP’s Life Rewards 403(b) Plan
- Contact a Life Rewards specialist to request an information packet